Foreign National Loans - Little Rock, AK

4 Replies

I'm finally making the move from cold Canada to the US (specifically Little Rock, AK) this summer, and I'm in the process of looking for some investment properties in the area. I came across a really interesting property for sale; it's a small, 16-pad mobile home park in Sherwood, AK (nice, fast growing suburb of Little Rock), with all the trailers also conveying to the buyer. The seller is asking $350K but is flexible. 

I like the idea of owning a MHP because it seems easier to manage than a traditional multi-family. The trailers are all single-wide and older, but most of the tenants are long term and I think they'd be open to a rent-to-own kind of deal (I don't want to manage the trailers themselves, just the park).

My big issue is that I am going down there on work visa and won't be able to get a green card for about 2 years. The seller doesn't want to hold a note (he's old and retiring), so I need to find some other way to finance it.

None of the local banks I've reached out to would be interested in financing me on account of the foreign national situation, but I'm okay with putting down a significant down-payment (35%+). The park is in good shape and always has high occupancy.

Does anyone have a recommendation? I'd prefer some kind of private loan, but I'm also open to hard money loans for the first 12-24 months until the property is seasoned and I (hopefully) get a green card.

I saw something that might suit you the other day. Not sure what they are like but First National Bank of America offer ITIN loans (sometimes  but not always available to foreign investors) and loans on unique property which includes mobile home parks.

1.) See if you could secure a lease option with the seller and time it (with plenty of cushion) to where you could complete the purchase after you secure green card/financing or 2.) Find a nother local investor to team up with buying it and maybe make the deal sweet for them for a short hold period with a buyout provision.

You'e only limited by your creativity