All Forum Posts by: Christopher Roark

I have a few agents trying to do the bridge loan and a potential buyer, so I have just connected the potential buyer to bridge loan people to see if they can work something out to streamline the process and get the sale to go through. 

I apologize, I am not very familiar with how the leverage would be calculated or decided. I am fairly new to the financial lingo. 

This is probably unrelated but the bridge loan I was trying to get previously was based on the 510k loan value and was 1% to start, 1% each month, and 1% to end. They would have been holding the full value of the property for collateral until it sold and the loan was ended and paid. I also have additional land and mobile homes close by worth another 300k that could be listed as additional collateral. I am pretty much open to anything at this point though. 

I have a Mobile Home Park currently for sale at 1.4M. My current loan ends August 1st with a 510k balloon payment. I am looking for a refinance bridge loan while I wait for the park to sell. I currently own the trailers and the land and charge rent for each trailer. If needed, I could quickly give ownership of the trailers to the tenants and restructure the leases for lot rents only. This would remove the Mobile Homes from the equation. Current NOI is 153k, switching to lot rents only would be 98.4k. Any help or advice would be greatly appreciated. 465 Colorado Blvd, Idaho Springs, CO