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Updated 5 months ago, 07/08/2024
Mobile Home Park Private Lending
We have a small mobile home park in Indiana that we are in the process of stabilizing. We've raised the rents and are getting ready to sell 3 renovated homes on RTO contracts. We have some short term debt we need to pay off at the end of July (300k). We have already raised half of the money for the community on bank notes with friends and family, we need another $150k before Aug 1st. We are looking for private lender recommendations, and also, can we achieve private financing inside of 30 days? The bank notes with friends and family range from 8-10% annual payout.
The community has 5 tenants, 4 TOH (tenant owned homes) paying $325 per month, and a house $500 per month. We are about to have 3 homes on RTO (rent to own) contracts. They will be bring in between $700-$650 per month, we have one buyer lined up, and we also have another home we are beginning to renovate. Total projected revenue will be around $3,500 per month, after the 4th rehab it will be around $4,100 (4 TOH, 4 RTO, 1 house).
After 12-18 months we plan to refi with bank financing, we are just not in a position we can do that quite yet. Any suggestions for private lenders and advice would be awesome and also can private money be put in place fast?