Investor · Member since 2021 · 113 posts · 56 votes
Hi BP'ers,
My partner and I own mobile home parks. I want to see if the BP community has any recommendations for a great mortgage broker for mobile home parks. Appreciate any recommendations. Thank you!
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
3y
@John Boutros You may want to check with your local manufactured housing association. In the past, I've found them to be a good resource for market insight and referrals.
San Antonio, TX · Member since 2009 · 3k+ posts · 1k+ votes
3y
@John Boutros You may want to check with your local manufactured housing association. In the past, I've found them to be a good resource for market insight and referrals.
@John Boutros You may want to check with your local manufactured housing association. In the past, I've found them to be a good resource for market insight and referrals.
Traditionally, this is more challenging than getting loans for other multifamily asset classes. Most banks won’t lend on them.
Just went through this process on a small 5-unit MHP. Out of about 20 banks consulted, only maybe 3 would consider it. This included local banks and CUs. Out of the 3 only 1 would seriously consider. The other 2 showed obvious signs of trepidation and only minimal interest in my deal.
Long story short, it definitely helps if you have all TOHs, paved roads, asset stabilization, and near-full occupancy. Strt your conversations asking if they are familiar with MHPs - if not a confident “yes” then you know the score. That will save your time and theirs.
My partner and I own mobile home parks. I want to see if the BP community has any recommendations for a great mortgage broker for mobile home parks. Appreciate any recommendations. Thank you!
-John
Hey John, happy to help as well! I'm a mortgage broker and have helped a number of investors secure financing for mobile home parks, both bridge or long-term financing options. I'll send you a DM to connect!