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Updated over 5 years ago on . Most recent reply

Jordyn Rodriguez's profile image
Jordyn Rodriguez's profile image
Jordyn Rodriguez
  • Rental Property Investor
  • from Raleigh, NC
  • Member since May 27, 2019
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66
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Jordyn Rodriguez's profile image
Jordyn Rodriguez's profile image
Jordyn Rodriguez
  • Rental Property Investor
  • from Raleigh, NC
  • Member since May 27, 2019
Connect
Jordyn Rodriguez
  • Rental Property Investor
  • Raleigh, NC
5
Votes |
66
Posts
Mobile Home Park Investing

Bank land loan terms

Jordyn Rodriguez
  • Rental Property Investor
  • Raleigh, NC
Posted

My local bank is offering a land loan towards a purchase of MHP, their terms are below.

Up to 60% of appraised value or purchase price

Max term is 3 years

Max amortization is up to 15 years

Does this sound reasonable? Depending on what my LLC get approved for I was going to contact the seller regarding doing seller financing for the remaining amount owed for property.

Any thoughts from my investor community?

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