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.
Private Lending & Conventional Mortgage Advice
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 2 years ago on . Most recent reply

User Stats

156
Posts
50
Votes
Cody Steck
  • Residential Real Estate Agent
  • Salt Lake City, UT
50
Votes |
156
Posts

Where to look for funding on small mobile home park

Cody Steck
  • Residential Real Estate Agent
  • Salt Lake City, UT
Posted

I bought a 5 unit mobile home park in a smaller town about 3 hours from where I live. The numbers on the deal are pretty good, and I was able to take it down on seller financing/private money with no cash out of pocket. 

However, now that I've raised rents slightly and stabilized the property, I am having difficulty finding a lender who will lend on something like this. I've checked with broker's (found one loan product, but at 10% interest on 5 year ARM), I've checked with big and small credit unions including local credit unions and none of them will touch something like this, even on a portfolio loan product. I tried an SBA loan, but they will not finance it because the property has long term leases, and not short term.

I guess at this point, I am looking for private capital, or for a credit union/bank/lender outside of my area that will be able to secure long term financing. Ideal loan amount is ~$275,000. Who's got resources? 

Loading replies...