Financing for 3 Mobile Home Parks
Afternoon BiggerPockets Tribe. I'm in need of financing for Mobile Home Parks. I have 3 under contract (my funnel broke and chips are all falling at the same time). Looking for a single lender who can help accomodate all 3, but will work with individually if necessary. Brief explanation of each:
- Park 1: 36 pads, all tenant owned homes, 95% occupied. Lot rents: $150/month; Purchase price $475k; well seasoned and established park
- Park 2: 24 pads (10 Mobile homes, 14 RVs), all tenant owned homes, 100% occupied, lot rents: $290/month; Purchase price $490k; this was a turn around project and not yet seasoned.
- Park 3: 27 pad potential, 11 built out pads (5 occupied and paying rent), all tenant owned homes; Purchase Price $125k; Phase 1 = filling up the 6 remaining 11 pads, Phase 2 = developing out the additional, already approved 16 pads. Expecting development costs $350k. Pads will be filled by neighboring parks that are forcing them to move (moving costs covered by other park).
Looking for