ok ray , lets do it again.......... - Posted by clintnga

Posted by adam on September 14, 2006 at 12:57:16:

im not very familiar with comm finance but im here to learn. this may be an option, what about hard money loan? i know they work with sf homes, might or might not make sense but its just an idea!

ok ray , lets do it again… - Posted by clintnga

Posted by clintnga on August 25, 2006 at 12:35:48:

hey ray,
sold my 50 space park last year with your help!
ive found another park ,100 space but owned by a bank and guess what , they dont want to finance it! purchase price is about 400k plus it needs major work about 200k .
Q- where do i get the money to purchase AND fix up money?
is it a bad word to say foreclosure park? one banker mentioned i needed a bridge loan and he didnt do that.
HELP!
PS. i still owe you a MAJOR steak dinner!

Re: ok ray , lets do it again… - Posted by ray@lcorn

Posted by ray@lcorn on September 01, 2006 at 08:46:11:

Hi Clinton,

Good to hear from you.

Sounds like a deal with some hair on it… you’ll have to develop a turnaround plan (e.g. cost, time to lease-up, projected income, etc.) and then find a bank that can do that type of deal. Easiest route may be with a credit line, perhaps secured by other properties or your personal guarantee if your financial statement is strong.

As always, more details are needed to be any more specific.

ray

Re: ok ray , lets do it again… - Posted by Sailor

Posted by Sailor on August 25, 2006 at 19:05:01:

Recommend you go to the MH Forum on this site. There are a lot
of really active players there–

Tye

Re: ok ray , lets do it again… - Posted by Scott Lamontagne, TX

Posted by Scott Lamontagne, TX on August 25, 2006 at 13:21:08:

Yes, you need a bridge loan. Typically 18 month term interest only with a rate of Prime plus One. Local banks are the players. These are recourse loans based on your stregnth and track record. You can probably roll your $200 k of Cap-X into the loan and get a 75% LTV on the $600 k total. There is generally no prepay penalty allowing you to refi and cash out at 75% when it is stabilized!

What state is the park in?