We’ve got a basic dirt-road park with a ~$700k mortgage to refinance this month. The refinancing is just a formality. About this time every year our bank asks us if we want to roll-over at the 1-year rate, or to lock-in for a longer time period. They’ll even let us have an extra month or so to think about it; there is no ‘baloon’ or ‘rush’ here.
We are probably not a candidate for a conduit loan given the lack of pavement or any amenities on our property, and the s fully-amortizing over 15 years either way.
Any thoughts on which option we should take? Or is there some other/better source for a mortgage on a property such as ours? Has anyone recently gotten financing on a similar 1-star park, and if so, what did you pay for your money?