I have several people interested in purchasing my turn key MHP in Tennessee with management in place. Local bank is wanting 20-25% down and variable financing which isn’t good for them. Anyone have a lead or two they could share for a commercial lender these days?
That’s not far off of what they should expect. In fact 30% down is more the norm and either a variable rate or a balloon is also common. I would talk to BB&T for stuff in the SE. I’ve always had good luck with them, but they’ll likely want 25% down and a balloon at 5-7.
If the deal goes south we have the resources to cash you out and close within 30 days— Meenjke leave a note if interested
I have cash from a 1031 exchange that I hope to complete. Send me info to firstname.lastname@example.org
Marty I was first wait your turn–just kidding. 918-314-4574 Marty as you have noticed the good deals are basically absent and I just walked from a low cap deal. This website plus LoopNet are also investors that look the properties over FRIST and the best deals the general public will NEVER see–sorry for the information
its there a place that we potential buyers can post our contact info for potential sellers to contact us directly?
How do you leave a note? Your email address please?
meenjke, please at your convenience call my number 918-314-4574 and we can quickly find if we have a win-win situation and just share. As for bridge, I have been approached by investors to start a site just for buyers and seller without the website owners picking over the properties first–presently decline to start a new site, but maybe an idea to think about. The present mobile home park business is overloaded with cheap money looking for good returns and thus lower cap rates plus difficult parks that normally would not sell are selling. It is possibility a time to sit this one out. Our government is destroying the middle-class with this cheap money while large companies keep telling our glut-less leaders what they want and cave in to being PC.
meenjke, still WAITING for that call, thanks