Low interest loan - Posted by John H.

Posted by Eric C on July 09, 2001 at 24:08:18:

Hi John -

I sure haven’t heard about any loans at the rates you mention. If they exist, I would assume there is some large component of gov’t involvement which is usually a pain in the #$$.

I mean, well run parks may be great investments, but I sure wouldn’t be in a rush to loan money at 4.5 to 5 percent when I can buy bonds, CDs, or other less risky instruments. Of course, the gov’t may know better. After all, it’s not really their money, is it?

I would like to hear more about your park. What is your situation exactly? Are there condo’ed parks in your area (where the tenant owns their lot)?

Who would be responsible for the park itself? An owner’s association of some type?

Just curious.

Good luck in your search.

Eric C

Low interest loan - Posted by John H.

Posted by John H. on July 08, 2001 at 20:01:42:

We are a seniors park.We want to purchase the park to control our rent.Who do we contact to get a long term low interest loan?
FHA 7.5% 30 year is the best we can find.
We have been told there is 4.5% or 5.0% money out there.

Please give complete details if you can.



Re: Low interest loan - Posted by Chuck (AZ)

Posted by Chuck (AZ) on July 09, 2001 at 04:02:27:

I formally managed a member-owned RV park, and I currently own and manage a 55+ MHP in Arizona.

That said, I am very fimilar with the downside of what your attempting to do. If you’d care to e-mail me with the specifics of the situtation, I’d be glad to share my perspectives.