I have a 50 space park in the midwest
that i would like to refi
city w/s
all billed to tenants
paved roads
Lot rents are a mix of $400-450 and want to get an idea of terms i might expect
id prefer to deal with someone w park refi experience
I would guess the approximate value to be 50 x $425x 12 x .7 = Net income of $178,500.
At a 7% cap rate = around $2,550,000 deal size x 70% = $1,785,000 loan size. But you might get an even better appraisal based on location and condition.
I’d call MJ Vukovich at Bellweather at (720) 758-9227 or email at mvukovich@bwecap.com
Your target will probably be a nnon-recourse conduit loan with a ten year fixed interest rate and 25-year amortization.
These are all guesses and completely contingent on your actual property and location.
2 Likes
Thanks for the info Frank,
I guess i should blame you for this situation im in.
you coached me thru one of my 1st park purchases years (decades?) ago and now ill have to decide where to place my next 1.785m …lol
Clinton Grim
Clinton,
Remembering your tenacity, I don’t think you’ll have a problem finding new properties.
Hey Frank! I have a park and considering a refi. I bought cash
park has 19 lots
18 homes PARK owned (All fairly old)
park currently brings in 4785/month but plan to bring rents up to 6500/month
septic but city water
separately metered electric
taxes and insurance run 3000/year total
Do you think there would be complications with REFI? if not, what would you say the refi amount would be at 70%?