Hello fellow BP'ers - what a cool deal we have here to help eachother become financially free!
Here's my question, we're looking for equity and or debt ideas and solutions - ie bridge loan products, loan solutions etc:
Mobile Home Park Deal - Please chime in on ideas you might have for financing this deal.
1st lien loan: $800K, needs to allow partial release's so we can sell off portions of the property
Preferred Investor raise/equity : $375k - can this raise be a hard money or bridge loan instead?
Park Value $1.1M - yes it's worth less than what we are paying, mainly b/c we are buying it as a redevelopment play and it cash flows once we achieve the next step.
We plan on selling off 8 mobile home units in the first year to pay down the 'equity' loan/prefer investors to the tune of $280k. After the equity loan/raise is paid down by $280k, the park's projected net income is $60k/yr
Please let me know what ideas or loan products, investors etc that you think could be applicable.
thanks a ton!