21.2% annual cash on cash return and can't find financing
About a year ago I finished an expansion of a mobile home park I own. The city required us to bring in all new homes in the new spaces.
I have had a very difficult time figuring out financing for the empty spaces. I have filled a few of them by using investors then selling the homes and giving them a significant margin, it is located in a great area.
21st Mortgage approved us for their consumer financing but said that they would not do a dealer line for new homes until we did two or three of those. They also cap the sale price so their program doesn't work for my investors.
I am looking for a private money connection that is willing to finance new homes from the factory for sale or for rent. The most recent sale was a $35,000 profit which came out to almost 40% for the investor. There is a lot of opportunity but since it is not real property it has been a struggle.
We are willing to do a second lien position on the park itself to make a lender comfortable.
Here is the park I am talking about:
Most Popular Reply
Logan, some friendly feedback here...
I have read your post 3 times and I still have no idea what you are asking for or what you need help with.
Based on the title of your thread you are looking to find financing. I recommend you clean up how you present what you are looking for. You need to present a clear and concise value proposition for lenders or investors.