Posted by ken on June 21, 2007 at 10:55:22:
Call Steve Murden @ Star Capital @ 540-342-6520.
He can do those deals through Silverhill.He is their biggest rpoducer for Park financing.
looking for a lender - Posted by NateTX
Posted by NateTX on June 20, 2007 at 21:12:09:
Looking for a lender for an 86 unit mobile home park. Owner is taking back a second and we arelooking for someone to finance the first (75%) at roughly $1.5 million. Anybody know of someone that might be able to help us take this one down?
Re: looking for a lender - Posted by joe -ga
Posted by joe -ga on June 27, 2007 at 06:46:52:
I get a mobile home magazine here .a couple finance companies are listed in there as advertisers. here s the address to them, never used them so… its just what I am reading off the magazine and typing in,
security mortgage group
rates as low as 6.3 %
gerald demarco www.securitymortgagegroup.net
585-423-0230
2)monroe and giordano,llc
813-229-5055
I have no connection in any way with any of this… I am simply passing along info I got … the magazine is THE JOURNAL manchester ga.800-8690471 it covers mobile home news and supplier around the country… its free to folks in the business
Re: looking for a lender - Posted by Rolf
Posted by Rolf on June 23, 2007 at 18:46:40:
I bought a small park recently and dealt with Excel Bank out of
southern CA. Luckily, I was able to obtain other financing. If this
name comes up as the funding lender, RUN away as fast as you can.
They pulled a huge bait and switch on me in escrow.
They promote the fact that they will do loans as low as $100K. I guess
this is true but the terms and costs are so brutal no one in their right
mind would want the money. The broker, Harry Sierota out of Phoenix,
did a fantastic job of concealing the true cost of the financing. Suffice
it to say what we got in escrow was night and day different than what
was disclosed to us upfront.
E-mail me if want the gory details. I never want to see anyone else get
burned like I almost did.
Rolf
Re: looking for a lender - Posted by Dave Fl.
Posted by Dave Fl. on June 21, 2007 at 02:54:34:
I’m looking for a lender too and I have 20% to put down on a much smaller deal, only $300,000.00. Every bank and/or mortgage company/broker/private lender I pitch my deal to says it looks great and they show every enthusiasm but then there gone. No phone call, no email, won’t answer my calls, and I don’t have a clue what the problem is.
Frustration level is over my head, I’ll probably not get this deal and never know why.
Dave Fl.
Re: looking for a lender - Posted by Gary
Posted by Gary on June 21, 2007 at 01:36:59:
I have a small locally owned bank that will go 80% on any MHP deal worth the money. They allow 10% seller financing with me having a minimum 10% in the deal.
Often I have seen posts here where hopeful investors are trying to obtain 75-80% bank and the balance carried on a note from the seller,thus no money down. If anyone here knows how to actually pull this off let us know. I’ve tried it a couple times and even when the appraisal is cosiderably more than the purchase price,they still want me to have at least a 10% participation in every deal. Gary
Re: looking for a lender - Posted by NateTX
Posted by NateTX on June 20, 2007 at 21:13:50:
btw our credit score is 700-740. thanks for ya’ll’s time.
Re: looking for a lender - Posted by Tony Colella
Posted by Tony Colella on June 21, 2007 at 04:01:46:
If the lenders are saying the deal looks good then maybe you have focused your loan package too much on the deal (not necessarily a bad thing) and not provided the same attention to detail about yourself.
With 20% down on a good deal you have many doors that will open. The key will be in the details you provide both about yourself and your deal.
We go into this in detail during out small park boot camp in August.
Tony