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Updated almost 8 years ago,
Lending on an MHP with 1960's Mobile Homes?
All:
Does anyone know of a lender on a Mobile Home Park with homes that are 50+ years old? Purchase price would be around 300k and rents are in the $9,000/month range.
Hoping to find a national or regional bank that will appraise based on an income approach and not just the land value. Most I've talked to are looking at 75% LTV of land value. Mobile Homes are in decent shape for their age and have already checked with county on replacements which is okay as long as they're done within 60 days of removal.
Several people I trust in my market think this a great deal, but am looking to finance as much of it as I can.