Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 4 years ago on . Most recent reply

User Stats

9
Posts
2
Votes
Michael Ballard
  • Rental Property Investor
  • Maple Valley, WA
2
Votes |
9
Posts

Commercial Loan plus Seller Financing

Michael Ballard
  • Rental Property Investor
  • Maple Valley, WA
Posted

Hello Bigger Pockets Community,

I am a Seattle Investor interested in purchasing a mobile home park. The seller is willing to finance the property with a very large (65%) down payment. My question is  - Does anyone have an experience with or advise on getting a commercial loan for 70% - 75% of the purchase price and then do seller financing on the down?

Or perhaps a small down from me, plus some combination of commercial loan and seller financing.

And advice would be appreciated.

Thank you

Michael

  • Michael Ballard
  • Most Popular Reply

    User Stats

    626
    Posts
    701
    Votes
    Jack Martin#3 Mobile Home Park Investing Contributor
    • Specialist
    • Scottsdale, AZ
    701
    Votes |
    626
    Posts
    Jack Martin#3 Mobile Home Park Investing Contributor
    • Specialist
    • Scottsdale, AZ
    Replied

    @Michael Ballard in this market, the best financing for a mobile home park with that strategy will be local banks, regional banks, or credit unions. 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 and CUs in your area/region and call them to see if they have lent on parks in the past.

    As you find them, simply pose the question that the seller is interested in carrying a portion of the sale, and you'd like to know if they would be comfortable lending in first position, while allowing the seller to carry a portion in second position?  MAKE SURE to be extremely candid about that up front!  If you don't get that extremely clear, you may get all the way to the closing table only to find out the lender will not allow it. Also, keep in mind it is unlikely that any lender will allow you to acquire the property with zero cash in the deal.  Lenders like you to have skin in the game.  Otherwise their risk is that you could simply walk away from the deal. 

    Loading replies...