I have a client who owns a mobile home park in Barstow CA. It is 46 units and 20 of the units are leased out. The two owners are in the process of renovating the remaining 26 units. The current valuation based upon the 20 occupied units is $600,000. The park is unencumbered at this time. One owner would like to borrow a total of $300,000 to (a) finish buying out the other partner (needs $150K to do so) and (b) an additional $150k to finish the park renovation. The completed park when finished and occupied should value @ $1,200,000. We are looking for a LTV of 50% based upon the current valuation.
Borrower has a 745 Mid FICO, a number of other rental types of properties and is strong from a liquidity standpoint.
If this is something your institution would be interested in pursuing, please let me know .
We could possibly help your client with this. We are a boutique CRE finance brokerage, not a direct lender. However, we charge no upfront fees, and we can prove our closings. If you send me an email, I can send you back what I will need, and some further questions.
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