Mobile Home Park Lender in Indiana - Hard/Private/Conventional
Hi BP! My two business partners and I have a Mobile Home Park under contract in Indiana. Park has just under 40 spaces, with public utilities. The purchase price is just under $500K and we are looking for a lender that will allow the following:
1) LTV something above 50%
2) No personal guarantee (will be in an LLC owned by 3 partners)
3) 12-month term at the minimum, preferably 36-60+
4) If we can close in cash and structure a refinance out the next day even better
We already performed the Phase 1 and it came back clean. Gross rents are $10K+ before our value add. Some tax/bank statements from the Seller but not enough to get standard conventional financing likely. 2018 P&L but it has not been professionally verified by a CPA.
If you, or anyone you know, is interested in talking more glad to structure a deal.
Cheers,
Ryan
