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OWNER SEEKS NEW LOAN TO IMPROVE PARK UTILITIES

The Refinance of a San Diego County mobile home park was completed in the 1st Quarter of 2009 for $650,000 with a regional portfolio lender.  Vince Reynolds and Norman Sangalang of MHRV Advisors acted as brokers for this new mobile home park loan.

The park consists of 15 mobile home spaces with 1 single family home.  The park is 100% occupied year round because of it’s excellent location in San Diego County.  The park is in great shape aesthetically, the streets are in good condition and great landscaping.  The overall expense ratio is low because there are no amenities, only two park owned homes and most utilities are passed through.  The park is on city water and city sewer.  The new $650,000 note and first trust deed variable rate loan is fixed at 6.5% for ten years and fully amortized over 30 years.  

The new mobile home park loan gave the owners the opportunity to finish property improvements such as new street lighting and installing new water meters.  With the current state of the market, MHRV Advisors was still able to negotiate a low interest rate and get the deal done while the capital markets were in uncertain times.  Please call us to discuss this mobile home park refinance or to discuss a free confidential refinance analysis of your park.  Call now while interest rates are still low, this could be your last chance for 2009 – Capital is scarce for all park loans, mobile home parks and especially RV parks.
 
 

 Mobile Home Park Loans & Financing

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