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CASH OUT REFINANCE PROVIDES FOR REHAB

 The refinance of a 140 space Mobile Home & RV park in Needles, California (San Bernardino County) was completed on October 1, 2007 for $2,050,000 with a regional portfolio lender.  Vince Reynolds and Norman Sangalang of MHRV Advisors acted as park loan brokers for this transaction.

Amenities at this riverfront MH/RV Park include a boat launch and docks, beach front area for residents, pool and spa, bathroom facility with guest showers and a small gym.  The $2,050,000 note is fixed at 7% for ten years and fully amortized over 30 years.  The refinance allowed the borrower to pay off old loans and have substantial cash available for several rehab projects and the purchase of new resort homes.

“Mobile Homes are selling for as much as $400,000 along the Colorado River and several riverfront homes have sold for well over $1,000,000.   This year round play ground has property values that compare to those of coastal California.  We when look for comparable rents and sale values we end up using the numbers from parks in Orange, LA and San Diego counties”  commented Reynolds.

Sangalang added, “We have seen several of these riverfront mobile home and RV parks transition from snowbirds in the winter and a rowdy party crowd in the summer, to parks that families are enjoying all year round.   The owners of this park plan on purchasing several large park model homes and placing them along the riverfront spaces.   These homes will sell quick at prices near $100,000 when compared to the other mobile home sales in the area.  

Mobile Home Park & RV Park Loan Refinance in San Bernardino County, Needles, AZ

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