I was looking at a mobile home park deal and reached out to Chase and CBRE and they loan program and found that they don't fund mobile home park. Would love to learn more about mobile home parks financing is different from multi-unit and how to find the best lending companies for mobile home parks.
If the park is stabilized (occupancy 70-80%+), most banks will loan money on it. Try a few local banks if the big ones aren’t allowing it, they will often have better terms anyway.
If the park is not stabilized, getting financing is tricky. You will either need the owner to carry the note (owner financing) or you’ll need a REALLY good relationship with a bank. Best of luck!
@April Chim Fannie Mae has a dedicated MHC program you may want to look at. Here are the bullet points from their website https://www.fanniemae.com/content/fact_sheet/manufachousing.pdf PM me if you'd like to learn more, I'm familiar with it.
@April Chim - This really depends on your deal size. Large banks aren't interested in mobile home parks. Fannie will consider certain properties but doesn't usually consider smaller ones (less than $1.5M loan size). If over a $1M loan size, you can try a loan broker.
If you think it is a good deal and it is smaller, call 50 local banks within a 50 mile radius of the park. One of my first properties, I had to call 40 banks before I found a good one. Persistence is the name of the game.
If the deal is good enough someone will loan on it. If it is not then... Small local banks, private money.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.