Mobile Home Park refinancing (Long) - Posted by tampajim

Posted by james on October 23, 2007 at 15:29:34:


What will be typical qualification to obtain finance maybe at 10% down or seller finance etc. in terms of cash in the bank account, fico my is around 720-760? I have to admit my checking doesn’t have a lot of cash(10K or less) due to other investments/expenses though I have mutual fund, 401K, HELOC 100K+ credit on my current residence. Will this be possible to buy say 1 million or less MHP?

Mobile Home Park refinancing (Long) - Posted by tampajim

Posted by tampajim on May 03, 2005 at 21:16:48:

I have three small mobile home parks in various degrees of rehab.
The first park (14 units) I’ve owned for three years, develops Gross revenue of $91,260, Net Income of $61,150. One unit yet to rehab that is vacant. Have a mortgage balance of about $90K with 7 years to payoff at $1200 per month.
The second park (12 units) I’ve owned for 2.5 years, develops Gross revenue of $75,600, Net Income of $52,165. All units and lots are occupied. There is no mortgage.
The third park I only mention for point of information as I do not wish to disturb the financing. This park (22 units) I purchased in November of 2004. Has been in a state of rehab since we purchased it. Only 14 units are presently occupied. Based on current actual rent roll Gross Income this year will be $100,740 Net Income $64,000 (should actually have all units rehabbed and rented by October '05 with NI actually higher). There is a first mortgage with 21 months remaining at $2400 per month, a second mortgage comences thirty days after paying off the first for $170,000. No interest accrues until the first is paid off and then the note is amortorized over 20 years at six percent.
These parks are all within 500 yards of each other and I have a manager and two employees who manage the parks and do the rehab work. Their wages are contained in the expense numbers.
I would like to refinance parks one and two. It would seem that they would have a value based on Net Income of about $750,000. I would like a mortgage for $500,000.
I have not been successful in my feeble attempts to find financing. Any suggestions on where I might find success? My few attempts have been met with, we don’t do those kind of parks (Rental Homes including the lot) to we don’t do any park financing.
Sorry this has been so long.

Re: Mobile Home Park refinancing (Long) - Posted by Don Dion

Posted by Don Dion on May 06, 2005 at 09:33:39:

Are you seeking a commercial mortgage broker to help you with the financing? If so drop me a line I will be happy to give you a form to fill in with the details of your projects and a list of docs needed for underwritting.
Looking at the specs you have supplied above I have run the numbers and it looks like you will meet the LTV, debt service numbers needed for financing of this type of project. The only change I can see is there would be two loans one for each of the parks since they are seperate locations. Unless they are attached and you can combine them into one pin number at your local building/assessors office.
Please feel free to email me at if I can be of any help to you.