I am in the process (made the deal), of buying my second Mobile Home Park. This one is a small park in North Carolina.
Can anyone direct me to a North Carolina Bank that will do a conventional loan on Mobile Home Park?
@Sam Fackrell where is the MHP located in NC and how big would the loan be?
I am unaware of conventional loans being offered on MHPs, only commercial loans. Most local banks will want a borrower that is local. Entegra Bank may be a good place to try, however.
@Ian Tudor any thoughts on this?
The park is in Eden, NC. Loan will only be about $130k. Thanks for the Entegra tip!
@Sam Fackrell I'd check with some local banks or credit unions in Eden too.
@Ian Tudor will likely verify this, but I've been told it's usually an uphill battle for MHPs and an out of state investor unless the parks are of significant size.
Well, its not easy BUT it can be done. We shall overcome.
My first park is similarly sized and financed in WV. Thanks for your help!
@Sam Fackrell - yes, I’ve closed several deals with Entegra in NC. However they only play in the western part of the state. Out of state guarantors isn’t an issue with them.
Another bank that we have spoke to and showed interest in MHP with a NC presence is Southern First. I’ve never done a deal with them though.