Need help with a creative rental refinance

[Thaddeus Koster]

Hi all, I’m new to RE investing, and I jumped straight to the deep end...

Last summer I inherited some money and bought a property in Olympia that is a grandfathered, non-conforming trailer park of sorts. It has 4 mobile homes on it, 3 are pre-‘72 and the fourth is an ‘84. They’re not in great shape but they’re not terrible either: they’re livable. 

To find cash in a hurry to make the sale, I got a short term high interest private money loan. That loan is due in a few months. I’d like to refinance with something longer term, at least 5+ years. 

I have about 45% equity at the purchase price, and owe $150k. 

Currently the best option I’ve found is a different private lender willing to do a longer term, 3+ years, at 9-10%. 

Though I can afford that, Needless to say I’d prefer to find something better. 

ideally I’d like to get a 15 or 30 year term - it would free up cash from having to make huge payments and allow me to make improvements that would boost the income from it. 

the county will allow me to replace one or more of the mobiles with new ones or one of them with a stick built. So I have the option, to ‘build new’ and get a more conventional loan on the new+land. The challenge still exists in that scenario of finding a lender who would be OK with the other three trailers on the property.

So... anyone have leads on a private lender that would do a longer term loan, or a bank/broker that could set me up with a mortgage on something new while overlooking the old? 

Or have ideas I’m not thinking of? 

So far any lender I talk to that does mobile parks is not happy about the park-owned homes or doesn’t do such a small loan or park. 

Thanks in advance!