All Forum Posts by: Quang Dao

@Charles Carillo thanks for the reply. We are paying seller financing through title company so we have good records along with bank statements matching those payments so that part should be easy. My wife is an accountant so we have spreadsheets for all our transactions and basic reports.

There is no prepayment penalty that we know of but I can always double-check to confirm. I definitely will start compiling my list of local banks and credit unions near the location to have ready before I start my mass calls.

I remember when we were searching for financing options for a potential second park, we had difficulty finding someone to open a loan with us because we were in California while the park was in Arizona. We ended up opening a HELOC. Hopefully refinancing won't be as difficult.

Currently we have seller financing for a small 13 unit mobile park in Arizona. It is a 7 year loan amortized over 20 years. Right now we 1.5 yrs into the loan.

My question is: With how rates have been these days, we want to refinance with conventional lenders (e.g. banks, credit unions). How have others been able to do this? Is there a certain waiting period before I can ask around for refinancing?

Goal is to be able to tap into the property for equity in the future for new projects.

Any help or advice or stories are appreciated.

3/29: applied for EIDL as a sole proprietor

4/13: 1st generic email from SBA..."On March 29, 2020, following the passage of the CARES Act, the SBA provided small business owners and non-profits impacted by COVID-19...." yada yada yada

4/23: Credit check by SBA

5/2: 2nd generic email from SBA..."We understand the challenges your business is facing due to the massive disruption caused by COVID-19..." yada yada yada

No other communication, no deposit.