Posted by Anne_ND on July 10, 2007 at 04:38:21:
Interesting you should ask this.
I met a guy in a coffee shop last week who is a commercial lender for a small bank. I told him about a deal I have under contract and we talked about various loan products that could help me cash out the seller financing. He also said that small businesses with lots of cashflow, like a MHP, or a portfolio of MH loans was a highly desirable commodity to a small bank that did commercial accounts (even more desirable than a good loan). He’s going to take me to lunch next week and talk about what HE can do for ME to get my receivables. I like the sound of that!
The best part was, I told him I used private money to finance my Lonnie deals and said “if you like what you see on my business plan, will you refer me to high net worth individuals that you know who have money to lend me on MH notes?”. He said “Absolutely, making introductions between our customers is an important part of my job”.
That was the best cup of coffee I’ve ever bought (so far).