I have a park under contract for $260k and is all lot rentals. I am willing to put 20% down.
Are there brokers/banks out there that will finance 80% and will have a reasonable rate (in the 7% range) with a 30 year amortization.
I know a lot of banks don’t want to deal with smaller type loans.
Any help here would be greatly appreciated.
Clarke
Clarke,
I would go to a local bank whom you have a good relationship with. What is the occupancy of the park? What is the cap rate on actuals?
Corey
I would also look at Clayton Bank & Trust. They have an exceptional loan program that will provide financing for both the park and homes.
The person to contact would be Steve Waite at 720-339-4942 or REHunterLLC@msn.com
He will be on the March 23rd free teleseminar discussing about the dynamic loan programs that Clayton Bank & Trust offers.
Corey