We found a deal that we liked and promptly sent over a contract. 80% lots occupied - of which about half are park-financed homes. Seller is now telling us that there is no way that the lender will loan us the conventional 70-75% LTV on this park as they will not consider the lot rent from the 30 spaces that have park-financed homes on them. This came as a surprise. I would assume that the lender would exclude the income from the notes on those 30 lots, but for them to not consider the lot rent? Seemed odd. Has anyone heard of this sort of practice among the lending community?
Your seller is wrong. In any event, it sounds like they have convinced him or herself to seller finance this to you. I would go with it.