Posted by Tony-VA/NC on September 04, 2003 at 17:15:19:
I am with Scott on this one. Each dealer and each investor is unique unto themselves. Good credit is earned and so honored by the lenders. Putting together an attractive package for the lenders is another. Most importantly, DO NOT TAKE “NO” FOR AN ANSWER! Simply improve your presentation and walk down to the next bank.
When I bought my park, I went to several banks, both local and national lenders. I received approvals from both the local and national lenders. The park was a good deal for everyone.
Are banks going to loan you 100% of the purchase price and fix up? I don’t know. Certainly not all of them and maybe none of them. Yes, owner carry financing is a reasonable expectation when buying mobile home parks, but chances are you will still need some cash down to interest the seller and let’s not forget that you will likely need cash to fix up the park and correct the problems.
I don’t know what banks you talked to, if your deal was too slim, you had no money to put down or your credit was not what they were looking for (no offense intended). Something was wrong. The good news is that each variable can be overcome (maybe for the next deal) and you will likely find a lender if you find a true deal. Just don’t take NO for an answer. Colonel Sanders didn’t and he made out alright.