FLORIDA MOBILE HOME PARK LENDERS

[Miguel C.]

Hi BiggerPockets! 

First of all, thank you all for your contributions on the BP forums. I’ve learned a ton and continue to do so. I’m in need of a recommendation, I came across an 8-unit Mobile Home Park in Central Florida. Asking price right under $500K. I’m looking to connect with any lenders that would entertain this deal. I’m having a hard time finding a bank that would lend on a park of this size and at this price point. Any help would be greatly appreciated. 

Happy Investing! 

-Miguel

[Scott Wolf]

@Miguel C., I know some people that would lend, but at that price point, you'd be at 10% and maybe 4 points.  Shoot me a PM if you want to discuss it. 

Also, have you called the local banks and credit unions?

[Mitchlyn D.]

@Miguel C. - As Scott mentioned, try a local bank near the park.  You would probably get better terms on the deal.  Honestly, 8 units for $500K seems really overpriced in my honest opinion.  I'm also in the Market shopping around as well.  But let's connect and see if we can help each other! :)