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Updated almost 3 years ago on . Most recent reply

User Stats

156
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50
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Cody Steck
  • Residential Real Estate Agent
  • Salt Lake City, UT
50
Votes |
156
Posts

Where to look for funding on small mobile home park

Cody Steck
  • Residential Real Estate Agent
  • Salt Lake City, UT
Posted

I bought a 5 unit mobile home park in a smaller town about 3 hours from where I live. The numbers on the deal are pretty good, and I was able to take it down on seller financing/private money with no cash out of pocket. 

However, now that I've raised rents slightly and stabilized the property, I am having difficulty finding a lender who will lend on something like this. I've checked with broker's (found one loan product, but at 10% interest on 5 year ARM), I've checked with big and small credit unions including local credit unions and none of them will touch something like this, even on a portfolio loan product. I tried an SBA loan, but they will not finance it because the property has long term leases, and not short term.

I guess at this point, I am looking for private capital, or for a credit union/bank/lender outside of my area that will be able to secure long term financing. Ideal loan amount is ~$275,000. Who's got resources? 

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