I'm trying to refinance a 50 lot Mobile Home Park in order to make another purchase. I owe around $100,000 and the park has appraised in the past for $700,000 plus. I'm wanting to do a long term loan between 65-75% LTV. I'm in negations for another property and need to pull out some liquid funds. I'm sitting with about 75% park owned homes. However, the homes are in my personal name so I may be able to split them from the land. Would anyone be able to recommend a good lender and have any idea on what sort of interest rate range that I would be looking at after the refinance? I may be interested in making this a two-part deal, too. The second part of this is on a piece of property valued at around 950,000. I can explain this in more detail to the lender during the loan discussions.
Where is the park located? I will need a bit more information. Have you not spoke to any local lenders? I may be able to help but you should check locally first.