Mobile Home Park - Posted by Gil Wigington

Posted by Gil Wigington on May 22, 2006 at 07:41:58:

Thanks for the info I will check it out.

Mobile Home Park - Posted by Gil Wigington

Posted by Gil Wigington on May 15, 2006 at 23:05:52:

Hello All,
I am looking for someone that could help me finance a mobile home park. I have a credit score of 728 and my wife has a score of 729. The property is being sold for $685K. I have 10% and the owners (which are also good friends of ours) are willing to do a 10% second. I already have a signed purchase agreement, with $5000 down and July 1 being the closing date. (I am not worried about my $5000 down since we are good friends with the sellers we can get it back.) I would however like to own this property for a few months before winter.

I had an agreement with the bank that they would probably be willing to go with a 25% down and possibly a 25 year note, (I have banked with this little bank most of my life) but then the banker called today and said he was informed the bank had a rule about loaning money on a trailer home and that we needed 30% down and the term could only be 15 years. This would however get us about an 8% rate.

As I explained to him this isn’t like purchasing a single mobile home and moving it onto someone elses land. We would get 16 acres, 1 house, 32 mobile homes that are rented out, and a 200X50 ft steel framed building that is already devided into 8 rentable shop bays with concrete floors, insulation, heat and air lines for air tools. It also has 1-22,000 bushel grain bin. If anyone could help I would greatly appreciate it. This property is in Nebraska.

Re: Mobile Home Park - Posted by Sailor

Posted by Sailor on May 21, 2006 at 20:12:55:

So your banker is clear that you need a loan on a commercial property? Did you provide him w/the financials? If your bank cannot handle that there are others who will, though your down payment is lean. (BTW, the 2nd is also quite lean for this type of deal.) I recommend that your immediately get Lonnie Scruggs’ book, “Deals on Wheels.” Many of your questions on this deal can be answered on the MH discussion group. Be sure to check the archives. Scott & Tony go into great detail on financing @ their Boot Camp, including a sample loan application packet. The only one this year is in August, & it is a must for all MH investors. Here’s the info:

Scott & Tony have materials available on this web site. Since time is of the essence, you need to get your info ASAP. I wish I’d had all this prior to buying my MHP–I’d have saved a lot of headaches & a bundle of $$$. I’ve already booked my return trip for this year. There is also a MH chat group Wed 9 pm ET. Several of the participants are MHP owners. Between the 2 groups + the reading materials, everyone should be able to walk you through your deal. Good luck!