Hi MHU community, I just got a quote from a local community bank on my loan application —see the general terms below. I have some ideas, but would like to hear your inputs (e.g., things you like/dislike) before further talking with the bank.
LTV 70%. $910,000 loan proceeds-- Total loan $925,000 to cover fees etc.
3.95% Adjustable rate-- adjust every 5 years to 3.5% above the 5 yr. Treas.
25 year Amortization
$6,000 Processing Fee.
D/T on property
Assignment of Lease and Rents
Lien/ security agreement on Park owned Mobile Homes.
Proceeds from sale of mobile homes are applied to Principle of the loan
Operating account for the business.