MHP LTV/MHP Contract Assignment

[Chris Battaglia]

Hey All! My partners and I currently have a 34 unit MHP under contract in Upstate NY. We just got a commitment letter yesterday from a local CU yesterday and the LTV came in at 75%. We're a bit bummed since we were really hoping for 80%. That 5% adds up when it comes to the down payment! I've got 2 questions for others that have obtained MHP financing somewhat recently:

-What LTV are you seeing and from whom?

-Have you ever gone back to the financing source and successfully had the LTV changed?

Another topic I've been reading about a bit since the news of the LTV is contract assignment. MHPs seem to be growing in popularity and we felt the park was selling at a very good price. Has anyone ever assigned a contract on a MHP and can you elaborate a bit on the specifics and how the transaction went.

Thank you!