Looking for MHP Cash-out Refi

[Sam Rawlins]

I have two MHP/RV Park properties that have very similar cash flow and values. Both were purchased last summer/early fall with private money. Over the last year I have been able to clean up, stabilize and fill them up. Now I am looking to get cash out of the increase in value to reinvest. The problem so far has been that most lenders want a longer period of time than one year of ownership and stability. Another issue is that both parks are under $1,000,000 in value and neither is paved.

Are there any referrals out there for a lender that would look at doing a cash out refi now, rather than after waiting another year, for these parks?

[Paul Moore]

Hi @Sam Rawlins. I would highly recommend a small local lender. Less rules, and more likely to work with you. You may want to check out an SBA small business loan as well, which is coordinated through some local banks from what I understand.