Mobile Home Park Finacing
Hello All!
My partner and I have a great deal on a mobile home park. We are working with a local bank and everything is progressing smoothly! We will buy a second park immediately from the seller and more to follow after that! We also have a few deals in the pipeline ;)
We want to get some backup financing in place. We were misled on one private lender and are now looking for other private money options?
The rates we were given was 35% down at 10.25% interest for 2 years, with a 2 year extended option interest only. Is this common in the private money world? We were told 30 years at 7.5% when we started the application...
So who will do private money on a mobile home park? We have deals coming and need to secure financing.
Any help is gratefully appreciated!! Thx all.
Few details on park.
Purchase price 700k
33 out of 48 lots occupied
Most are park owned home - recently been rehabbed, other trailers taken out and several newer homes.
Tenants pay city water and sewage
excellent location - right next to everything
lot rents and park owned rents are all low - will be raised upon purchase
The two lenders who have seen our underwriting package and spreadsheets have been impressed. It is a good deal.