Hi all,
We have a 48-lot MHP in central NC under contract. This park is a fun one.
There’s essentially no income at the moment, but the park had 48 homes in it long ago along with the corresponding infrastructure to support those homes (water, septic, etc.)
Since then, 30 of the homes have been removed and the remaining homes are vacant and likely need to be demolished.
We see lots of potential here, but most lenders want income before they will lend. Is there a lender that would finance the purchase of this park + some value-add capital expenditures for an experienced operator with other parks? We plan to reposition it to a performing asset.