Private lenders in PA

mobile home university
1

Hello group. I’m looking for a private lender for a small PA park that I purchased in 2019. I only owe 150K and local banks won’t take the deal since it doesn’t meet their 500K threshold. It’s a hard money deal that I was able to secure on a 7 year arm. I have 5 years left before I have to refi/sell.

The park appraised for 525K and I only need a loan to pay off my first lien. No cash out is needed. Its a 37 pad park with a brick triplex and has city water and sewer. I currently have 21 tenants. 15 TOH and 6 POH.

A few more homes will be online by March. That will bump the park to 23 paying tenants. If anyone has an interest in the deal please reach out. I’m looking for 6% interest rate or lower and a minimum of a 3-4 year balloon, but 5 is preferred.

Thanks for your time.

Dominic
MHPbuyers@hotmail.com

2

I’m in the process of refinancing now in central pa. What I’ve gathered is local banks are good but credit unions are amazing. I was quoted 4.5 for a 10 year fixed rate 20 year amortization and no prepayment penalty with members first credit union. If they don’t do it you might have to use a broker like mbfs and they can check with all their credit unions for someone willing to take your loan. This use of using a broker does have higher fees.