Help!! I own a very small park in SC with three older homes. Two are owned by me and rented and the other just pays lot rent . There is room for two more homes. It is valued at about 150k. I owe nothing on it. I want to refi to pull out cash for more homes. Having trouble finding a lender.
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Where is the park located in SC ?
I’m in SC and might be able to help. Email me at woodbridgerei@gmail.com and let me know where in the state your park is.
Tim
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@staces8 You might want to try this (it has worked for me on residential properties that banks/lenders didn’t want). Contact all the local credit unions. Ask them if they have a commercial lending department. If they do, ask to speak to a loan officer in that department. Explain to them what you own, and that you are seeking a cash out loan on the asset. Sometimes credit unions will extend loans that banks will not - -especially if it is in the immediate local area (they like helping the community). If they offer that type of loan, they will probably require you to become a “member”. This usually entails opening a checking account with $5. You will need to have the asset deeded in an entity (LLC) for it to be considered a commercial transaction, however if it is not already deeded in an LLC, you can deed it into an LLC during the loan closing. Hope this helps, Rob.
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Give this guy a try:
John Medernach
Executive VP | First Secure Community Bank
630-409-7246
jmedernach@1stsecurebank.com
~Brandon Reynolds
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Hi Stacey. Did you find anyone that could help? I’m in SC as well and looking for a potential refinance too.
Belton SC right off main street
not yet, still making some calls