financing a small mobilehome park with 100% POH

[Joseph Chacko vellukunnel]

Hi BP,

I am looking to finance a relatively small deal.  its a 4  unit mobile home park, all POH, 100% occupancy with slightly undermarket rents  separate sceptic and a single well.

At the asking price of $240K, there is 12% cap rate. Two of the homes are over 25yrs old, and offer the upside potential to renovate and increase rents to market once the current tenants move.

Question to this community is, are there any recommendations for lenders in this deal size and in this area?

side note, I am new to MHP investing, and I'm also thinking that working with a lender will make sure my sure diligence is thorough.

thanks

joseph

[Logan M.]

Quote from @Rachel H.:

@Joseph Chacko vellukunnel Sounds like a small deal. You may want to bring in a private lender and/or partner in on the deal. 

Another option would be to check with small local banks and credit unions. 

Hope that helps! 

 I agree with Rachel but I will add one addition, Credit Unions. If you have a relationship with a smaller bank in some cases they will lend on smaller parks located within the area they operate.