buying a small mhpark - Posted by bill H

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.


buying a small mhpark - Posted by bill H

Posted by bill H on September 03, 2003 at 20:39:35:

any ideas on financing an 11 space park, including 11 homes? about $ 200,000.00. thanks bill h/tx

SAY WHAT MIKE??? - Posted by ScottS(NC)

Posted by ScottS(NC) on September 04, 2003 at 07:29:14:


I don’t know what part of the country Mike is in but when I bought my park I had several diffrent offers from banks for financing. All the homes in my small park are rentals. Credit score is very important here. So is the cashflow of the park. Small local banks are much better sources for financing then the large national banks. Although the large ones will finance also usually more like 60-70%. The smaller banks gave me 80% and some fix-up money. I took 27k at closing no money out of my pocket. All the money and then some more went back into the park, sorry no trips or vacations like the infomercials show. If you have good credit and you visit enough banks and mortgage brokers you will find financing, I always have. Take Care and don’t take no for an answer! ScottS(NC)

Re: buying a small mhpark - Posted by Mike

Posted by Mike on September 04, 2003 at 06:33:48:

Good luck finding finance on the parks with park own homes. we went thru that process and i tell you what, you wont find any bank that will lend you the funds even if their loan officer tell you other wise. if the owner is a motivated seller he will onwer finance the park.after the ordeal i pull all my saving from the bank and bought land with it. all the bank do is use your money , when it comes to borrowing from them GOOD LUCK. you have better luck getting hit by lighting then getting a loan from any banks now a day.