Can you get a Equity Line of Credit on a MHP?

Question

Hey Everyone I have a specifically random question.

What is the process to getting a Line of Credit to a Mobile Home Park that is in a Joint Venture? Is it possible to pull out equity on my portion?

We have a MHP that is worth around $700,000K I own 33.33% with a Debt of around $130,000.

Appreciate any and all help to get on the right road.

Chris Mason · Answer

I know a lender if you are in California.

Will Stewart · Answer

Current lien holder is going to be pretty much your only option.

Bo Evans · Answer

@Roger D Jones I really appreciate the help and ideas. I will look into the current note holder and see. It is for a down payment on a franchise to then turn around and support the MHP with painting services.

Roger D Jones · Answer

I would try with the financial institution that is carrying your current note first. Going elsewhere may prove tricky as you are 1/3 owner. That may cause some hesitation. If you are looking for funds to make infrastructure improvements you could try the SBA and/or do some research for any State financial assistance. May have some luck there...

Can you get a Equity Line of Credit on a MHP?

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