Looking for MHP Financing for East Texas Deal!

[Derick Davis]

Found a MHP I am interested in purchasing, seller is asking 399K Property has 15 Lots, 12 occupied with 10 tenant owned homes and 2 park owned homes, I have the 20% down but am having a hard time finding lenders.  My goal is to buy and hold for 5-10 years and add 2 additional homes to the property

[Jack Martin]

@Derick Davis generally, outside of seller financing, the sources that would be worth pursuing for a park like you described above would be local and regional banks. 

You can find out which banks have an appetite for mobile home parks by asking the MH/RV brokers in your area, networking through other owners of parks in your area, or simply obtain list of the smaller banks in your area/region and call them to see if they have lent on parks in the past. If they have not done a loan on a park before, don't waste your time. 

You can also work through a commercial loan broker, but take the time to find the broker who specializes in MHP debt. If the broker doesn't have a deep level of experience placing debt on mobile home parks, you could be in for a lot of brain damage and promises that are not met. Network through MHP attorneys and MH/RV park brokers or owners to find the right commercial loan broker. Even if the deal is too small for the broker, they should be able to point you in the right direction.

All the best,

Jack