Posted by Chuck on October 11, 2005 at 17:28:57:
You have 2 options… get the seller to carry-back a 90% first (which he can then later cash out of)… or put 15% down and go conventional (I have some lenders that will do it).
10% down financing on mobile home park? - Posted by jack
Posted by jack on October 11, 2005 at 11:24:35:
Is it possible to get a 10% down loan on a mobile home park with the following details?
37 homesites. 21 of these have park owned homes on them. $170K NOI. 11.3% cap rate.
Thanks, Mike
Re: 10% down financing on mobile home park? - Posted by John Corey
Posted by John Corey on November 05, 2005 at 13:22:50:
Jack,
One problem for many lenders is the number of units that are park owned. Quite a few lenders prefer to lend on the business and the land but not on the individual MHs in the park (personal property).
See what Chuck can do as he said he has a lender that might play ball.
John Corey
Chelsea Private Equity, LLC
Re: 10% down financing on mobile home park? - Posted by jack
Posted by jack on October 11, 2005 at 14:25:33:
Fico is 725…
financing on mobile home park - Posted by Michael Morrongiello
Posted by Michael Morrongiello on October 11, 2005 at 13:18:36:
Jack:
90% LTV is going to be hard to come by with institutional lenders… however if you can negotiate, convince the MH park seller to finance you by carrying back a purchase money 1st lien (or better yet- a 1st lien along with a smaller 2nd lien)- the seller financed 1st lien can be readily converted into a cash lump sum.
Issues surrouding the current rent rolls, income and expenses involved in the park operations, your overall credit profile, credit scores, income from other sources, etc. - will ALL come into play.
Is this MH park owner motivated? If so, then see if you can work a deal with him/her this way.
Best to your success;
Michael Morrongiello
www.sunvestinc.com
Re: 10% down financing on mobile home park? - Posted by Chuck
Posted by Chuck on October 11, 2005 at 12:14:54:
Depends… what’s your FICO?