Mobile Home Park - Bank Financing

[John Cornelius]

Hi everyone,

I'm looking into some Mobile Home Parks in Florida and many are offering owner financing with a balloon payment. This is great to acquire the property, but there doesn't seem to be many banks to refinance into once the seller carry-back balloon occurs.  

How easy is it to refi with a traditional bank? 

[Jack Martin]

@John Cornelius the best banks to approach will be local or regional banks.  You can find out which banks have an appetite for parks by asking the MH/RV brokers in your area.  Otherwise, there is a bit of legwork involved, but it's not too hard.  Get a list of the smaller banks in your area and just call them to see if they lend on MH/RV parks.  It would be good to do this legwork in advance of buying the park, so you know beforehand who you are likely to bring the refinance to.  That will also allow you to understand what the lender may require you to do prior to refinancing.