All Forum Posts by: Marty Johnston

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Ken said it well. single mobile homes are much more difficult to acquire financing for with any commercial lender because often times our lenders won't loan on anything under 100k. some go down to 50k as long as the numbers make sense... Mobile home parks as a whole are much easier to acquire. You would be on your own for moving them. If you find a park in a good area for said park, you should be very profitable.

Have you considered purchasing a park witha number of mobile homes (which you could secure financing for more easily) and then selling the mobile homes existing at your park. You could consider charging the end buyer for transport costs.

I don't have experience doing this, but just a thought.maybe others could chime in?

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 Arshia,

Welcome to BP! If your numbers are indeed accurate, that will help working with any lender during underwriting process on the property side. However, they will also look into your experience, cash on hand to do the deal, and your FICO. all these things will effect the rates and terms you'll be able to get with a lender. unfortunately, no lender will base your skin in the game based on how good the deal is. As you mentioned, 25-30% down is typical for Permanent financing on any commercial property. Lenders want the borrower to have their I cash in on a deal to protect themselves and lower the risk on investment.

it doesn't hurt to ask around, you might get lucky. But it's not common to raise a lenders LTV simply based on it being a good deal.

@Patrick Livers, You aren't the only one in your situation. And you're right, it's becoming much more difficult as time goes on since '08 and lenders are taking further measures to protect themselves. It's possible that you might qualify for a Bank Alternate / Stated Loan. These loans are for people who are not bankable for any reason, and they don't require the same tax return forms and other documents. Some lenders are more lenient than others in these type of loans, but it might be worth your while to check into it. 

A lender would have to know more about your personal situation as well as the DSCR of the property and your alternative income. You mention you have other properties, are these properties bringing you additional income on top of the 25k you make a year? How much? This will play a role for you.

Best Regards

Do any of the following scenarios describe your lending situation?

- Self employed but do not show enough income to qualify with a traditional bank?
- A real estate investor who has too many mortgages to qualify with a traditional bank?
- Credit is just a bit too low to qualify with a traditional bank?
- Do not want to pay the hard money rates and fees?
- Need a quick close as opposed to the long drawn out process that most banks put borrowers through?

NO INCOME VERIFICATION LOANS!
Investment SFR's, Condo's & 2-4 units.
Multi-Family, Mixed Use, Office, Retail, Warehouse, Self Storage, Auto Service
Refinance, Refi cash out & Purchase
Up to 75% LTV depending on property type & location
630 Minimum Credit Score Required
W-2 or self employed
Standard 30 Year Term (3, 5, 7 and 8 year arm options)
$75k-$5M loan amount
Between traditional banks and hard money rates


Please contact Marty Johnston at 920-285-8900 or reach out to me at my e-mail at [email protected]

@Bob Hinrichs, I would get in touch with @Rebecca Knox at Captain Save a Home. She also runs the local Brew City Meet Up. Best of luck!

Cedric,

Welcome aboard! You'll find a generous amount of support and influence on these forums from all those you mentioned and more from potential partners, lenders, sellers, buyers, syndication etc. BP is an amazing resource and platform for any real estate involved professional or relaxed knowledge seeker. Welcome! Im a local in the Milwaukee and surrounding areas. Feel free to reach out with any questions. Best of luck my friend.

Best Regards

@Amy Greger, That's great! That gives you a couple options to juggle and weigh. With your family in the area, you might be able to use that in an Executive Summary to a lender and express your concern for the 1031 deference. We work with lenders who are by the book without room for exceptions - we also work with lenders who are open to hear peoples stories and understand their situations. Find the latter!

I wish you the best with Centier and People's. Should things fall through, send me a PM. Maybe I could help you.

Best Regards

@Bryan Wilson Congrats on getting started! You have a plethora of opportunity here on the forums. There's an entire forum dedicated for HML's, I would recommend going there and asking around. Do your due diligence - we may all be lenders, but you should be interviewing us as well. There's a ton to learn here!