Is it possible to cash-out refinance a mobile park?

Yes, we do it all the time -- and so do hundreds of other park owners. You have two options: 1) CMBS "conduit" debt and 2) Fannie Mae & Freddie Mac "agency" debt. Both do 70% LTV loans based on appraisal, and if that number works out to be greater than your outstanding debt then it results in a "cash-out" situation.