Best way to Finance MHP

[Jamin Olds]

Hey Everyone,

What are the best ways to finance MHPs? I should have my first park under contract this week but am not sure which route to go for financing.  I am going to try mt hardest to get seller financing. What about bank financing? I searched bank financing and it looked like most loans had a minimum of $1 Million.  My purchase agree will be for a maximum of $400,000. 

Thanks in advance. 

[Scott Schaar]

@Jamin Olds banks will loan on smaller amounts . I’ve financed one for 175k . It’s like any other deal when you buy commercial . If the financials are good on the park . Finding a lender should be easier . Don’t get me wrong though, there’s always a pause on the phone . When the words mobile home park are said . You’ll know you’re talking to the right lender . When you say mobile home park, and they immediately say yes . They have one in their portfolio already or have heard about the returns they can offer . Once I found a lender for the first park, the second went much easier.

I hope you’ve bought the Due Diligence Manual . I highly recommend it. Great information about the ins and outs of buying. I have recently signed up for MHU boot camp as well . You should visit the site . They have some free information for investors .

Good Luck.