Posted by Dave Swett-CA on March 09, 2003 at 15:52:56:
Visit the existing 2nd mortgage and ask them if they would
- Subordinate to new first mortgage
- Be able to advance any cash at this time to help you with your down pmt.
How can we finance this MHP, any ideas? - Posted by Joe
Posted by Joe on March 06, 2003 at 12:11:48:
This is a 32 unit park along with a large brick 4 unit apt building.
Recent apprasial 332,000.00.
Asking price 300,000.00
My offer after DD is 275,000.00, which I think may be accepted if we can get it properly financed.
Current owner has a first mortgage with a bank for 150,000.00 and a second with the previous owner for 55,000.00. Owner would like 50,000.00 in cash to move on to another business.
My problem is likely to be insufficent credit to get a new first mortgage. Seller is willing to carry a second for anything over the 50,000.00 cash he needs.
Any ideas for constructing this deal?
Re: How can we finance this MHP, any ideas? - Posted by Mike(Al)
Posted by Mike(Al) on March 06, 2003 at 14:47:38:
Just an idea do you own a home?Get an equity line of credit.Does this MHP and Apts. generate enough income to pay all expenses?Are the other 2 mortgages assumable?Is the present owner going to hold his mortgage in the 3rd position?If this park is generating a good cash flow you may be able to get a new 1st mortgage on the parks ability instead of your credit.
Re: How can we finance this MHP, any ideas? - Posted by Joe
Posted by Joe on March 06, 2003 at 16:51:29:
Mike, I’m afraid I won’t qualify for a large first mortgage. The current second mortgage has a baloon in May 2004. It’s hard for me to see how I can avoid trying to do a new first mortgage. Even 65%-70% LTV may be tough.
I am new to MHP’S so am not sure of what type of financing is available. The park and apartments will cash flow, maybe a L/O arrangement.
All ideas are welcomed here.