I have an 18 unit mobile home park with a house on the land under contract. My lender is telling me their smallest loan size is $500K. This total deal with purchase and rehab is $280,000 with 25% down. Do anyone have a lender that can handle this kind of deal in Northwest Indiana.
@Donald Torrence - can you find another park to include as a combo deal to raise financing needs to >$500k?
Hi @Donald Torrence , you can check with smaller local banks in the area as well, they may be able to service the smaller loan.
Any chance the owner is open to seller financing?
It's a must sell deal that has to get cashed out. My bank will only do 65%.
@Donald Torrence I'm not sure if you tried People's Bank in Whiting. You may want to try them if you haven't. I have used them with some success. I was told by an MHP buyer who owns a park in Gary that he was able to get financing from Centier. His park had very low occupancy so that tells me they are easier to work with than many banks. I have not yet used them.
They aren't far from me I will give them a call. Thanks
Join the Largest Real Estate Investing Community
Basic membership is free, forever.