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Updated almost 3 years ago,
Looking for DSCR loan or JV for MHP
I've got a park under contract in Pensacola Florida. It is 11 home sites in 3 acres. Currently 8 of the sites are rented below market, so there is room to add value. Purchase price is $350k, current income is $4250/mo, NOI $38k. I'd like to avoid dumping all cash into the deal so I am looking for:
1. A DSCR loan that can close within 2 weeks. I've spoken with a few "lenders" who seem a bit shady. Can anyone recommend a legitimate lender they've used?
2. Possibly a JV partner who is experienced with MHP investing. I own multi-families, but this is my first MHP.