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Updated 7 months ago,
financing a small mobilehome park with 100% POH
Hi BP,
I am looking to finance a relatively small deal. its a 4 unit mobile home park, all POH, 100% occupancy with slightly undermarket rents separate sceptic and a single well.
At the asking price of $240K, there is 12% cap rate. Two of the homes are over 25yrs old, and offer the upside potential to renovate and increase rents to market once the current tenants move.
Question to this community is, are there any recommendations for lenders in this deal size and in this area?
side note, I am new to MHP investing, and I'm also thinking that working with a lender will make sure my sure diligence is thorough.
thanks
joseph