Would financing be available for a park in this situation with these numbers?
(Assume this is priced somewhere between $400K - $500K ~70 spaces, preliminary income data from seller shows a small profit at present even with a owner draw of $2.5k mo. as pay for management/upkeep) Seller is asking a selling price for a 6-cap rate and doesn
Scott:
Your going to have recource on a deal this small and will need to sign personally. Based on your credit (hopefully 680 or above) here are some numbers that we have funded recently:
80% LTV, Rate 9.25% (adj) or 11.125% fixed with a .50% reduction every five yrs for good pmt history, 30 yr amt., no lock outs, five yr PPP of 5%
$300,000 @ 9.25% = $2468 pmt
$300,000 @ 11.125% = $2885 pmt
This loan based mostly on your credit and DTI, not so much turnaround park.
Yours for Successful Financing,