Anyone had recent luck with bank financing on a mobile home park?

[Sam Crochet]

Hi there,

Has anyone had any luck getting a mobile home park financed with reasonable terms on a 30 year note? I’m dealing w a seller (in a town near Atlanta) who simply won’t owner finance and, unfortunately, none of the local banks (or the few big ones I’ve reached out to thus far) will offer me anything beyond a 15 year mortgage. Further, most want to divide the plot into individual units, which seems silly to me and multiplies the closing costs. The 15 year schedule is the most frustrating. That basically kills the deal..

Any thoughts?

Thanks,

Sam

[Erich Hauck]

Sam you will find it very difficult to finance these small communities. Typical national lender will want $1M request or more to even look at it. Look for local credit unions, may be able to get a 20 or 25yr amort out of them, banks as you have found out are less flexible in this size range.