Real world financing questions

Ok, the parks I’m currently considering are at a price where I can swing the 30% down, but would limit my reserves to less than I’d like.  It would leave me with ROUGHLY 80K left over, which is about 6% of the total purchase price.  I do have some personal reserves I could use if needed, but of course would prefer to keep them separate.I have fairly extensive experience owning and managing rental properties going back to the 1980’s. I personally managed over 80 apartments at one time.  This will be my first MHP though.What are the odds I can get a lower down payment?  What kind of reserves will they be looking for?Any tips as to what obstacles I can anticipate are appreciated.  I’d rather anticipate them and plan ahead than react to them under the time pressures of diligence later. Thank you.

We are doing a deal right now that is going to be financed at 20% down from a local bank.  Another park we are doing will likely go through a regional bank at 25% down.  Neither are requiring us to tie up money in reserves.  Our 1st park is city water/sewer/streets so we are internally allocating 4% of the purchase price to our reserves.  The second one has a well, so we’re still working on how much we’ll budget for reserves on that one.  In any event, getting a lower down payment is definitely doable.  Definitely check with your local/regional banks.  One quick way to save yourself some time is to go to: call/tfr on the report type, type the institution name, and state.  When it pulls up the PDF file, scroll to Schedule “RC-C Part 1” and look for loans secured by multifamily-residential.  What you want to see is that there is a number in the box.  Doesn’t really matter what number it is.Doing this will keep you from wasting your time talking to banks that don’t lend on multifamily properties.

Thanks Charles, that’s helpful.