MHP Lender - Toledo - loan size < $750k / gravel roads

Mobile Home Park Investing
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MHP Lender - Toledo - loan size < $750k / gravel roads

David Denzy
Real Estate Agent · Columbus, OH · Member since 2019 · 60 posts · 30 votes

Does anybody have any lender recommendations in Toledo for a park with loan size < $750k and GRAVEL roads? I called Security Mortgage Group to inquire about their small loan program but they require paved roads. Anybody have a lender in Toledo that they can recommend? In the meantime, I’m calling as many local banks as I can.

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Andrew FidlerBusiness Member
Real Estate Broker · Toledo, OH · Member since 2011 · 386 posts · 434 votes
6y

@David Denzy - is this a mobile home park?

Gravel roads are frowned upon inside city limits, is this located in a suburb?

I would consider paving the whole park as a equity move or approach our many local banks for custom financing. Where do you bank now? I have leveraged that relationship several times now to land challenging deals!




[email protected]419-410-3836
LaPlante Real Estate
WebsiteView Page
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  • Andrew FidlerBusiness Member
    Real Estate Broker · Toledo, OH · Member since 2011 · 386 posts · 434 votes
    6y

    @David Denzy - is this a mobile home park?

    Gravel roads are frowned upon inside city limits, is this located in a suburb?

    I would consider paving the whole park as a equity move or approach our many local banks for custom financing. Where do you bank now? I have leveraged that relationship several times now to land challenging deals!




    [email protected]419-410-3836
    LaPlante Real Estate
    WebsiteView Page
    1Reply
  • David Denzy
    OP
    Real Estate Agent · Columbus, OH · Member since 2019 · 60 posts · 30 votes
    6y

    @Andrew Fidler

    Thanks for your response. It is inside city limits.

    0Reply
  • Khizer Husain
    Member since 2020 · 64 posts · 10 votes
    6y

    Go for private lenders (hard money)

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  • Andrew FidlerBusiness Member
    Real Estate Broker · Toledo, OH · Member since 2011 · 386 posts · 434 votes
    6y

    Dave are we cash out refi-ing on a property you already own or trying to get a sale? 

    I would avoid hard money if at all possible, it’s the least desirable interest rate this side of a mafia vig. 

    [email protected]419-410-3836
    LaPlante Real Estate
    WebsiteView Page
    0Reply
  • Chris Ebert
    Rental Property Investor · Charlotte, NC · Member since 2018 · 76 posts · 49 votes
    6y

    Brad Rymer at Cloverleaf Capital Group - PM me for his contact info

    Has plenty of bank relationships to get your deal done.

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