Posted by Izak on March 09, 2002 at 22:29:58:
Try www.harrisnote.com
Keith Harris offer me 80% LTV for MHP
Good Luck
Mobile Home Park Financing Needed - Posted by Val W. Finnell, MD
Posted by Val W. Finnell, MD on March 09, 2002 at 08:32:58:
I’m seriously thinking of buying a nice mobile home park in Ruidoso, NM. It’s a 50 space, fully-rented park, with NOI of $89,683.00. Asking price is $850,000.00.
I’d like to get financed for 80% LTV or higher. I have cash for the downpayment.
Any leads or help finding a good bank/mortgage company that would do this would be greatly appreciated. Thanks.
Val
Re: Mobile Home Park Financing Needed - Posted by lyal
Posted by lyal on March 11, 2002 at 20:46:58:
Val,
Post this on the mobile home forum. Chuck-AZ who posts there regularly has offered to help finance parks with private money in the past.
Also, have you done any due diligence on this park. The price at first blush seems quite high. How much are the expenses? Is there any upside at all?
Check out the “money making ideas” section for Doug O’s excellent 4 part series on “Turning Mobile Home Parks into Communities” (title may not be exactly correct). It includes a primer on due diligence. Also check out the commercial forum and Ray Alcorn’s “Analyzing Commercial Properties: Due Diligence” (just FYI…a park is considered to be a Commercial Property).
All the best, Lyal
Re: Mobile Home Park Financing Needed - Posted by Terry(IN)
Posted by Terry(IN) on March 10, 2002 at 12:44:30:
I have a mortgage broker who will do 75% LTV with 95% CLTV, which means that if your seller would be willing to carry a 20% second, then you would only have to come up with 5% down. If this would be helpful, contact me and I will see that you get the information.