Mobile Home Park Financing

[Brian Brinson]

Hello,

I'm trying to find financing for a MHP purchase but am having difficulty. It's for sale for 400k ( too small a loan for some lenders) , it has over %75 poh ( to high for other lenders), and am hoping to put down 20-25%. Is this even possible or do I need to approach this from a different angle?

[Will Stewart]

Call every local bank and credit union in the area, that’s going to be pretty much your only bet. You might have to call 20 but I’d bet you’ll get a few to say yes. 
Id recommend asking for two loans: one on the land only (ie for lot rents, even though they’re POH) and one for the homes (will be a 10 or 15 year term versus 20-25).