Updated almost 5 years ago on . Most recent reply
Hard/Private Money Lender for MHP
Hello MHP investors,
Has anyone ever used a hard money lender for a MHP? If so, any recommendations or referrals that you can point me to would be great. Also, if you'd like to share ltv/rate/terms that you've received that'd be helpful. Please let me know.
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#1 Mobile Home Park Investing Contributor
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- Ste. Genevieve, MO
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#1 Mobile Home Park Investing Contributor
- Real Estate Investor
- Ste. Genevieve, MO
We've never used hard-money lending, but I've heard plenty of stories -- both good and bad (mostly bad).
Make sure that you do not get involved with a "loan to own" hard money lending group, in which they actually want you to default on your payments so they can take the property away from you. Instead, you need a group that is aligned with your goals and wants you to succeed and not fail.
The moral is to do plenty of research on who you would be borrowing from -- call their references and ask them plenty of difficult questions.
The lender and borrower must be identical in their vision of success for any relationship to work properly.