Financing for MHP waterline replacement? - Posted by JP (in PC)
Posted by JP (in PC) on May 29, 2006 at 09:47:14:
I’ve searched the archives for ideas on this but haven’t come up with anything I could use, hence the new post.
I am wanting to replace the 30 year old waterlines in my 78 space MHP as well as submeter while we are at it. The first estimate to do all of the waterlines and submeter each pad with city approved meters was right at 200k and we are waiting on 2 additional estimates which should be completed within the next couple of weeks.
Any ideas on the potential for a bank, hardmoney, or other such loan for projects such as this? Our current water bill, which the park pays for, averages about $2500 a month with seasonal flucations so in my mind, the long term advantage for submetering is easy to figure plus the old pipes are becoming a hassle with leaks, etc.
We do have a small pool of hardmoney lenders that I am going to approach with this to see if any would be comfortable with a loan on a project like this and find out what the terms would be. My concern is that they may not be able to fund something this size at terms that we can afford.