We are seeking our first park to buy. We have a lot of real estate experience in residential real estate - 19 years in rentals, flipping, wholesaling, short sales, etc.
Does anyone know if lenders will require a sponsor who currently owns parks on our team?
I didn’t have an issue when I first started (with only 5 or so years of other real estate experience), but that was using community banks. CMBS or Fannie/Freddie might have different experience requirements.
When I first started with my first park, I did not have a sponsor. If you have experience in residential real estate, that would sound to me like very good relevant experience.
We have sponsored buyers including investing in their deals. Let us know if you need a sponsor/investor.
Thanks for your feedback.