Mobile Home Park- Gap Funding NEEEEEDED...

[Chris Keil]

Hello everyone,

My name is Chris Keil, and I am look for $350K for GAP funding on a Mobile Home Park, that is already cash flowing in Raleigh, North Carolina. We had a partner that was going to be able to provide the funds, then had some "changes" and went MIA...I need some help to figure out how to continue to close without giving up the deal. I have $9000 already invested non-refundable in earnest, the additional $9000 for earnest escalation is due on the 31st of January.

Who may have some creative ideas, or connections that would help me keep this deal moving forward?

I am not the biggest investor and may have bit off more than I can chew this round, so I am willing to do what it takes to make this happen...(within reason, lol)

Yes, I'm under contract. There is 30 days left, the deal is supposed to close March 1st. Any thoughts or directions, or connections that anyone has in mind to keep this rolling? Do I need to give someone equity in the company?? Thanks everyone!

[Brenden Mitchum]

Hey @Chris Keil

Sounds like you're just looking for short-term financing while you fix up the park and refi? This might not be necessary if the park is already cash flowing. I would call up every bank in the area and pitch the deal to them. Explain it's already cash flowing and you plan to add value by doing BLANK. Then, you'll refi in x years (with the same bank) when the park is more stabilized and performing even better. If the numbers look good this will be a no-brainer for any local bank that does MHP lending. You just have to find one, but I recommend getting at least two onboard just in case one drops at the last minute. 

Definitely do this before you bring in an equity partner, unless you could also use help or a mentor. 

And please, feel free to reach out anytime if you have other questions or just want to chat!