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Updated over 6 years ago, 04/15/2018
Mobile home park financing
I have a 14 unit mobile home park that I bought through an owner finance deal last year. Most of the units are older mobile homes (8 units), some stick frame house (4 units) and 2 spaces that I rent out. I am looking into refinancing the park but realize I made a major rookie mistake, in that I bought the park without any list of serial numbers of the individual homes. The man who started the park died recently which made it possible for me to purchase it, but he had no records whatsoever. He was an old school investor who ran it very poorly and died at the age of 95. I'm in a pickle when it comes to financing... the bank I'm working with won't lend unless I have titles for the trailers. This problem came up when the banker looked at the tax roll and saw that only 6 of the homes are listed (cheap taxes lol)... I tried getting the serial numbers off the homes, I found most of them but one is barely readable and another can not be found at all. What options do I have? Would a hard money lender be the best route? I'm open to opinions.
It brings in good monthly cash flow and I really enjoy working with this park.