Hey, wanted to get some feedback here. I work for a fam office and we do a lot of loans. Personally, I think there is a gap in the marketplace. 21st Mortgage has some perks, but it is also a lot of paperwork and seems to be quite slow.
If you were to have an alternative option that would take a 2nd mortgage, would you do this instead (rates, points being equal)?
More so, I think it would make sense to do bridge loans for parks and the initial homes to be brought in, perhaps treating the latter as a line of credit.
I think it’s a great idea. I have one with the local bank we’ve financed a few parks through: essentially we have a line of credit to buy a home or two, then we can term it out at any time and rinse and repeat. Just one way to address the issue, but I agree. I’ll say, I went this way because my markets don’t support new homes, and the used home program was too much hassle.