MHP lenders for NC no park owned homes

[John Brinkos]

Could anyone point me to a MHP lender that would entertain a loan on a $425,000 purchase. 28 space park, 26 homes, 24 occupied. No park owned homes, city water, city sewer, paved road. NOI around 47k. We would like to bring 30% to the table loan amount of $297,500. The challenge we seem to be finding, at first look, is the small size of the loan. Thanks, John

[Janene Tompkins]

I highly recommend First South Bank. They did a loan for me at that exact amount on a similar sized park in NC. Depending on your personal credit and number of partners, SunTrust does unsecured loans through their LightStream unit. It’s all online. I got $100k at 6% 10 year amortization and the money was in my account 24 hours after I did the application. SunTrust does not do these loans in their branches, it’s all online.