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Updated about 5 years ago on . Most recent reply

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Zachary Maley
  • New to Real Estate
  • Las Vegas, NV
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Mobile Home Park - Equity Line of Credit

Zachary Maley
  • New to Real Estate
  • Las Vegas, NV
Posted

Hey everyone,

My mom and I purchased a 50 unit RV park & campground 3 years ago for $1.2M. We put 50% down and financed the other $600K. We just got a new appraisal back and it reappraised for $3.6M. Looking for ways to draw on the $3M of equity but having a tough time getting an equity line of credit loan as it is considered a special use property. Thoughts on ways to draw $2M on that equity to put down as a down payment on a $6M multi-family complex?

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