Seeking $250k Lender For 18 Unit Mobile Home Park

[Christopher Winkler]

My client is looking for a private lender to finance a senior lien on a 18 unit MHP in Monticello, IL. Worth $330,000.00, Purchase Price $250,000.00, seeking up to 75% LTV loan. 12 tenant owned homes, will pick up 6 new homes from Legacy Homes in DFW, and offer on seller finance. Directly between two large cities, with thriving downtown square.

Features

• 12 Tenant Owned Homes
• Will Seller Finance 6 More
• Paved Roads
• Professional Property Mgt
• Halfway Between Decatur & Champaign

Facts

• Current Income: $36,000.00, Pro Forma, $58,500.00
• Expenses: $8,126.00
• NOI: $27,874 / PF $50,374
• CAP 11%, Pro Forma 14.39%
• Includes Additional Commercial Building

Ideally we find one lender to cover the entire cost for 1-3 years at an attractive interest rate of 12% & 2 points until we stabilize it with the new homes and find a cash out lender, otherwise we can bring in a gap funder. 

Interested? Please PM me or reply to this post.

[Quentin McNew]

Interested and this was on my radar last year. This is only debt investment though (12% and 2 points)? No equity?