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Updated over 5 years ago,
can someone give me an example of an 'exit strategy letter'?
Hi, this is my first post here. I'm in the middle of closing on my first investment property. it's an unusual one (my style...) and it's given me some hurdles but I'm excited about it! it's a very small (4 unit) mobile home park filled with 30-40 yr old park owned mobiles. the seller has not kept rent rolls and has very little to no documentation of rent history despite it being kept full (this area is very short on affordable housing). so, no proof of income and with the units being older it was tough to find a lender to work with me on it. I got lucky, found a private lender willing to fund it. one of the documents they are asking for is an 'exit strategy letter'. It's probably no big deal and I could give them whatever I write up, but my perfectionist tendencies are showing and I want to do it 'right'... but I can't find any examples to draw from. google searches for such a thing get filled with irrelevant results.
my exit strategy is simple, after acquiring the property and keeping proper documentation (and making regular interest payments and growing my bank account) for the next year, I plan to refinance with a more traditional lender to get out of the high-interest, short-term private loan.
can someone please help me with what to include and how it should look? even just an example of one would give me something to go on. thanks!