I am am expecting to soon be under contract for a mobile home park. I was wondering if anyone on here has had a good experience with a particular lender? I currently have all but $70,000 of the funds needed for the purchase. But, depending on how the loan is structured I may prefer to borrow up to $174k.
If anyone on here is also interested in partnering I may be interested in that as well. However you will need to have experience in this field already.
Thank you very much for any info or insights into this! I hope you have a great day!
@Devin A Hanley - Where is the park located? If it is in a small town and small purchase price, cold call any bank within 50 miles.
If location is desirable and over $1mm, you will have many more options.
Thank you for your response Ian. It is in Georgia.
It's asking price is for a bit less than 250k. I have not had much luck with the local banks and the lending groups that I have found have a higher interest rate than I would like.
I am continuing to explore some other options.
send me a pm, I might be able to help
What exactly are they saying on why they won't lend? What is purchase price? If local lenders won't touch it then thats not a good sign.