Strategies for Tapping Equity in MHPs

[Bryan Richard]

We purchased three smaller parks last year for roughly $425K. 

We put a ton of work into maximizing the upside and improving the distressed properties and have managed to get annual NOI up to $90K. At a conservative 12% cap rate, these parks would have a valuation of around $750K if I were to put them up for sale.

We'll be floorplanning the parks this spring, which I believe can add another $70K to the top line. 

The outstanding notes on the parks are $275K. Which would put our equity at: 
* $150K at the purchase price
* $475K at the 12% cap rate valuation

Short of selling the parks, what, if any, are our options for tapping this equity? I've talked to a couple of the big banks and they're not interested in touching them (which didn't surprise me). 

Second question: Has anyone had success in refinancing a MHP note?