Buying a MHP and getting Financing

[David Benton]

We have had trouble getting bank financing over and over. We have experience, assets and reserves. We prefer to get seller financing but fewer sellers we come across are interested. We have a park under contract now but the appraisal surprised us as it came in at $1,000,000 and the purchase price is $1,400,000. The appraiser used 13 comps ranging from $150 pad rents to $400. The $150, $175, $185, $200 pad rents are pulling the avg down. This park should easily be at $300 avg but the appraisal came in at $225 avg pad which kills the deal. Any suggestions?

[Khizer Husain]

Find another lender. Try private lenders they would charge higher rates, but you may get the appraised value you want. Contact: Lendterra - Carol she’s a private lender