This 35 space park is a new built park (built in 2000) and consists of 29 new model (2005 and newer) vinyl sided manufactured homes. We are buying the park as an REO at 265k and it needs approx 125k in renovations. It currently has 5 units rented at $385 per month. The market rate for these units is $550-650 per month. We have take-out financing lined up with a local community bank but need to get the park rehabbed and stabilized prior to putting the permanent debt in place. Conservative estimates of value based on a 10 Cap are in the neighborhood of 800-850k.
We are seeking a total loan amount of 350k. Our partners have experience with this type of asset and have skin to place into the deal if necessary.
Please only contact me if you have "provable" experience in lending on Mobile Home Park communities. I will only provide detailed info to credible sources who have a track record of success with this asset class.
Please email me for more details
Marc Simpson here wit Peak Choice Capital. Just sent over some information to you about our criteria to the email provided. please advise if you did not receive it and we look forward to your response. Hope you have a great holiday!
Send me details of the project to email@example.com
or call Sam Thomas at Paramount Financial Partners (515) 554-5541