Mobile Home Park Financing

[Zach Tully]

So, to try and explain this without rambling on too much, my dad, brother, and I are all partners, and we are trying to finance a mobile home park. We have done work for the owner remodeling a couple trailers over the previous summers, but she has now decided she is going to move to Portugal and offered to sell the park to us for $130,000. So we now have it under contract. The park has 13 lots and only 8 trailers currently. From listening to podcasts and reading online, I figured for the smaller loan amount local banks were the best option. We then met with a couple banks and one seemed somewhat promising, but then with this virus outbreak the bank unfortunately has cancelled on us. Of course the park owners move to Portugal has been delayed as well, but time is still of the essence. A couple problems we face is that my dad and brother have some bad debt, and my obstacle is that I am only 18. Also we have little to no down payment to offer as we are juggling two flips currently, but through a private lender I believe he can lend us a down payment. Sorry if this was a longer read but I would appreciate it if anyone has any good financing ideas in this current situation?  Thank you.

[Guifre Mora]

Originally posted by @Zach Tully:

So, to try and explain this without rambling on too much, my dad, brother, and I are all partners, and we are trying to finance a mobile home park. We have done work for the owner remodeling a couple trailers over the previous summers, but she has now decided she is going to move to Portugal and offered to sell the park to us for $130,000. So we now have it under contract. The park has 13 lots and only 8 trailers currently. From listening to podcasts and reading online, I figured for the smaller loan amount local banks were the best option. We then met with a couple banks and one seemed somewhat promising, but then with this virus outbreak the bank unfortunately has cancelled on us. Of course the park owners move to Portugal has been delayed as well, but time is still of the essence. A couple problems we face is that my dad and brother have some bad debt, and my obstacle is that I am only 18. Also we have little to no down payment to offer as we are juggling two flips currently, but through a private lender I believe he can lend us a down payment. Sorry if this was a longer read but I would appreciate it if anyone has any good financing ideas in this current situation?  Thank you.

Zach,

If you have no skin on the game its a rough position to be and you are really not offering much to a PI. Have you tried seller finance? It's probably your best bet.