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Updated about 9 years ago on . Most recent reply
SBA 504 loan for Mobile home Park
Has anyone used a SBA 504 loan to buy a mobile home park? Looking like it might me a good option for us. Suggests? Ideas? Pros and Cons? Thanks BP Pals!
- Shelli Callan
- [email protected]
- (406) 212-9081
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#5 Mobile Home Park Investing Contributor
- Rental Property Investor
- Clarkston, GA
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#5 Mobile Home Park Investing Contributor
- Rental Property Investor
- Clarkston, GA
USDA (insured) loans were ment to support rural business development which includes farmers building a barn etc. You need to be outside of a major MSA (city) to qualify. They'll finance multifamily, mobile home parks etc etc.
- min size of loan? LOL I don't remember. That's probably googleable.
- terms: 5.5% interest rate, 75% LTV so we had to come up with 25%, 30yr ammortizing but rate changes every 5 yrs. There where costs like $18k USDA fee (to fund the insurance program etc).
The purchase price was $1M