Mobile Home Park Financing Needed - Posted by Val W. Finnell, MD

Real Estate Investing Mobile Homes & Mobile Home Parks
#1

Posted by Jacque - WA on March 13, 2002 at 16:27:21:

Hi Kate,

I am finding out that it is indeed true - it easier to go after a $1 to $5 million dollar loan than the smaller loans.

I tried to email you some of the information but your email kicked back…feel free to email me and I will send you what I have…Also, if this is on the West Coast I am doing some joint ventures with a couple of different investors…depending upon what it is I may or may not be willing to help you out.

Jacque

#2

Mobile Home Park Financing Needed - Posted by Val W. Finnell, MD

Posted by Val W. Finnell, MD on March 11, 2002 at 20:53:54:

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

#3

Re: Mobile Home Park Financing Needed - Posted by Jacque - WA

Posted by Jacque - WA on March 12, 2002 at 11:32:44:

Hi Val,

Myself and another friend of mine are currently going after the FHA 207(m) loan for our seperate parks.

There are some definate advantages to this program - plus they just received some money so they are looking to do some loans:)

They have Longer amortization periods - can be financed for 40 years, with no balloon payments.

Lower debt ratios - you can use up to 90% of the projects cash flow for debt service.

And best but not least - you can borrow up to 90% of the value and they are non-recourse loans.

You have to submit your application through an approved FHA lender - I have a copy of the list of approved lenders if you want to email me and tell me where your at - I can send you those names. You will want to check out your areas guidelines for these loans.

I am just in the beginning stages of this - it has been pretty straight forward and simplistic thus far.

Good luck,

Jacque

#4

Re: Mobile Home Park Financing Needed - Posted by ScottS(NC)

Posted by ScottS(NC) on March 12, 2002 at 08:48:42:

VAL,

I have had great success with my small local banks. They are usually more eager to make loans and work better with local investors than the big guys. So make some calls to your local banks and see what they say. HTH Take Care ScottS(NC)

#5

Re: Mobile Home Park Financing Needed - Posted by Kate (MN)

Posted by Kate (MN) on March 12, 2002 at 13:15:07:

I tried to use the FHA 207(m) loan, but couldn’t find a lender to work with me because my loan was too small.
The minimum anyone would work with was $1 million, most said $4 million. If you find someone who will work with smaller amounts, could you pass the name along? Thanks!