All Forum Posts by: Brett Hulsebus

Hi Branden,

A site I use to use a while back was realtytrac.com for foreclosure/defaulted property information.  There is a monthly fee, but they have details that they pull from public record.  I think they still have a free trial option, so you can try it out and see if it would work for you.

Also, to follow up on what Elliott said, for pre-foreclosures contact the borrower directly.  Lenders/Servicers can't provide you any information or liquidate the property until after the foreclosure sale date. 

Hi Jason,

To follow up on what Mario and Dave provided, Hard Money/Bridge is not an ideal option for acquisition on MHP.  The math just isn't there.

The only few times I've used HM/Bridge options for my MHP clients is when I get a call two or three weeks before the closing that the financing fell through and there is a 1031 exchange deadline coming up.  Even then, I won't advise to move forward with the HM financing until I review the details to make sure they can refi out at some point (most private lenders want the property to season for 12 months).  Hope this helps.

Hi @Brenden Mitchum - Apologies for the late reply.  Had an emergency situation come up related to a 1031 exchange that I needed to move on.

And you are correct.  It does have to be asphalt for agency debt.  Hope this helps.

@Brenden Mitchum

Hi Brenden,

Apologies for misreading your post.  I was on couple hours of sleep that day.  

Writing this with a full night sleep, I now understand better what you're asking, but don't know the answer. I'll reach out to one of my GSE/CMBS lenders for input and let you know when I receive a response (they should get back to me same day if not the next). Thank you.

Hi Brenden,

Based on my experience with Agency & CMBS loans, it isn't so much roads as much as it is with the loan amount. The condition of the roads could be an issue in regards to the LTV, but they (GSE & CMBS) only secure loans that are $2 MIL+.

Again, based on the lenders I work with, no way you can secure a loan with Fannie, Freddie, or a CMBS at $300K. I have lenders that will originate those, but it will be a 3-5 ARM based on the current Prime rate.

There may be others who disagree with me, but that is my experience.

Good Morning Lorenzo,

I work with a number of lenders that finance Mobile Home Parks. Some general info for you, for loan amounts under $2MIl you're looking at a 5-7 ARM. If you're looking for the security of a 30 year fixed, there has to be at least 25 pads occupied. The LTV/down payment will be driven by population and cash flow. This is very high level info, but I can provide more information once you chose a park.

As far as your other questions on choosing the best park to put in your portfolio, I would defer to others as I can only speak to the financing side.  Thank you.