All Forum Posts by: Will Stewart

Exactly. It is usually stated as "75% (or whatever LTV they lend to) of appraised value or purchase price, whichever is less"

In your case with the POHs, the appraisal will be separated into land value and POH value. If a bank chooses to lend on the POH value it may be at less favorable terms than the land value (10 or 15 yr term versus 25 yr for example).

The short answer is that it is bank-dependent. Most will have an appraisal and DSCR requirement for a loan. Amount they lend will be based on appraisal (70-80%, assuming cash flow supports). I'm doing one now where cash flow supports 80% and a 20% seller carry and my bank is cool with it (but that's not the norm!)

Use a local bank or credit union for financing. Bar Harbor Bank is that has lended on parks for me. Call around you’ll find one that will lend 80% for 25 years. Don’t expect to sell off the home you’ll likely need to rent it. 

Current lien holder is going to be pretty much your only option. 

Glad to hear it Ben. Hope to see a press release from ROC in the next month or two on this! 

Get in touch with Paul Bradley at ROC USA, this is what they do. 

Our properties are all with Preferred Mutual. Have also used Philadelphia and Foremost in the past. We were bumped about 15% on our premiums this year. 

All our homes go on the MLS (maybe every MLS is different?)

How about signage on the road? Bandit signs at busy nearby intersections?

The last resort option of course is to list them for rent, possibly your market just can’t support $120k for in-park homes?

@Aman S. we have these installed in several parks and at our business. 8 months in so far so good. SEHMUA 4G LTE Cellular Solar... https://www.amazon.com/dp/B0BD7JQXBB?ref=ppx_pop_mob_ap_shar...

Were the homes collateral on your loan and/or used in the appraisal to justify the purchase price? If you got the loan based on lot rent value only then I wouldn’t worry about it. If the loan lists the homes as collateral technically you should be getting a release for them (and paying down a portion of the loan from proceeds).