36 Acre Refi deal done with a real bank. Yea

[Rick K.]

I have been searching for 2 years for refinancing for this property. First national bank came thur for me.
Details:
40 year old park
36 acres
185 spaces
150 filled
42 park owned homes
Appraised value = 2.1 million
42 homes value = 309,000
noi = 209,000
cap rate = 8.4 %
Payment = 12,175.00 per month $2,000.00 less than last month
20 year am with a 5 year call in. Don't like this part but that is the best I have found out there.
This deal coming thru has to be a GOD thing!
The worst part of this more than 3 month ordeal was the complete stripping away of my financtial life by the bank. I feel violated because of all the info the bank required to close this loan. I have never been scrutinized to this extent in all of 26 years in borrowing money.

Well this deal is done, now to work on the refi for 2014. Gotta start now and really make this park look sweet for the bank. Rick