New MHP investor looking for financing suggestions and advice

New to the forum and really appreciate any insight.  I am excited to possibly be able to purchase my first MHP.I am a current apartment complex owner that wants to expand to a MHP in a
different state. I have located a few that I am quite interested in, but am
becoming concerned that I may not be able to secure financing unless
Contract for Deed is offered. I have a fair amount of equity in my apt.
complex that I was hoping to use as a good down payment on a 1M price range
park. I have now found out from my local bank that they do not want to
lend me any additional funds on my apts. due to increased risk and
concerns for future income to debt challenges.
I really do not want to sell my apts. as they have a long-term lease
with one A+ quality client that provides very stable income with little involvement
on my end. I have the apts. financed with a small, locally owned bank
that is not interested in any risk associated with an out-of-state MHP
that would be a new venture for me.
I am looking for any recommendations on a plan of action or a suggestion on a
national lender that may be interested in financing a MHP with my
situation. I would be willing to refinance my apts. with a new lender that
would loan on an MHP to add to my portfolio.
Thanks in advance for any help or suggestions. I knew financing would be
a challenge, but I refuse to believe that I don’t have a way to make
this work.-Greg

No lender that I know of is going to make a MH loan using perceived equity in an apartment complex as the down payment. Nor will most mom & pop sellers go for anything but cold hard cash. That being said, it sounds like your only option is to refinance or sell the apartments. I don’t know of another creative solution. You might talk to Security Mortgage Group at (585) 423-0230 and see if they have any other ideas.

I would advise refinancing and pulling the equity out of the apartment as a down payment.A apartment building having brick and mortar is by far the easiest to finance as opposed to a park so take advantage of that money. It’s sitting dead in the apartment any way so why not capitalise on your equity. Get your money out there working for you.  

Thanks for the suggestions.  I will look into refinance options to pull out the equity and I totally agree that I want to get that equity moved into another property so it is generating more for me!