Updated over 2 years ago on . Most recent reply
Mobile Home Park Financing
Hello,
I'm trying to find financing for a MHP purchase but am having difficulty. It's for sale for 400k ( too small a loan for some lenders) , it has over %75 poh ( to high for other lenders), and am hoping to put down 20-25%. Is this even possible or do I need to approach this from a different angle?
Most Popular Reply
Call every local bank and credit union in the area, that’s going to be pretty much your only bet. You might have to call 20 but I’d bet you’ll get a few to say yes.
Id recommend asking for two loans: one on the land only (ie for lot rents, even though they’re POH) and one for the homes (will be a 10 or 15 year term versus 20-25).