Posted by Ed Garcia on May 14, 2006 at 09:15:57:
Brian,
No, you don?t have to sell you little mobile home park if you don?t want to. I usually recommend a small local bank, however you?ve stated that you have credit issues.
Other lenders that could be of some help and in your area, are American General Finance, HFC (House Hold Finance), Beneficial Finance, City Finance, to name a few.
These lenders are not cheap, but may be preferable to selling the park.
Ed Garcia
Pulling equity out on a commercial prop - Posted by Brian
Posted by Brian on May 13, 2006 at 19:19:17:
How do you pull a portion of your equity out on a commercial property if your credit is bad and the property is a small commercial (mobile home park) in a small town.
Balance owed is approximately 80k. Property worth 200k+. Have held and operated for approximately 4 years. Should I get an appraisal done to verify my belief of the value? Is my only option to sell?
There is a small, local bank- but I have not started a relationship with them yet.