Lenders for a mobile home park?

Question

Hello,

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 Hanley

Curtis Rouse Jr · Answer

@Devin A Hanley

What I did when I first started was google every bank and credit union in Georgia and start going down the list and call every one until you find someone that lends for mobile home parks. Once you get a yes, you will need to let them know the purchase price, size, NOI and your experience for them to really take you serious in the beginning. They want to see that you have done some intial leg work prior to calling them. I would also recommend getting recommendations from the bankers if they know someone that will lend on your deal. I own apartment communities and was actually just looking at a little over 100 unit mobile home mark near where I stay in Lawrenceville, Ga today. I like mobile homes parks because they cash flow like crazy, but on the other hand I love the apartments because when I go to sell I'll get a bigger bang on the exit. I've built a financial model if you  need help analyzing any deals (example on my website) so just PM at any time. Best of Luck!!!

Devin A Hanley · Answer

Thanks for the thoughtful response! I will PM you soon.

Devin A Hanley · Answer

It is in Georgia

Brian Ploszay · Answer

Where is the location?