Re: Mobile Home Park Financing Needed - Posted by Jacque - WA
Posted by Jacque - WA on March 12, 2002 at 11:32:44:
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.