|
The good thing is that rates
are still near historic lows but recent changes in the economy and turmoil in the lending industry
has made all real estate loans less accessible. MHRV
Advisors knows of exactly where and how to negotiate the best rates
and terms with all potential lenders representing your best interest, not the banks.
Afterall, we think like park owners! One point of contact + less fustration=
Results!
Is the rate
competitive? Have peace of mind! This
should never be a question during the loan process or be a sourse of doubt after
loan closing. Because park loans are unique to a park’s size, condition and location, we understand
that it can be hard to tell if a rate just sounds good, is good or if it’s actually not that good
at all. Because we know what the market is doing on a day to day basis we help owners gauge if a
loan rate is competitive or not.
Did I pick the loan or
did it pick me? That may sound odd but often
times a park loan request is not properly reviewed by all of the potential lenders. Lenders are
virtually getting flooded with loan request in recent times and if your loan doesn’t
stand out from the pack it may get overlooked. With only a few minutes to review a loan
request you may be limited to only the lenders had the time needed to fully review your
park. Because we work continuously working with park lenders for our park sales
and refinancing we have an established working relationship. In addition, we create a full color
loan package that includes all of the key points the lenders are looking for to increase the
positive response from the lenders, in some cases it can even lower the interest rate.
How will the new loans terms
affect me? Fixed rate period,
amortization, penalties and all of other terms seem strait forward, but may actually
hinder your future goals. Conversely, a new loan may have terms that may help your
future goals. Just each park is unique each owner or partnership has it’s unique considerations. As
park brokers we have the unique ability to help forecast the impact of a new loan that the most
mortgage brokers and bank loan officers simply can’t do.
Should I keep my existing
loan? Maybe, unlike most bank loan
officers and mortgage brokers that automatically say yes and try to fit your park into one of their
loan programs, we sometimes say keep your existing loan because there is no fit. Why? Because we
look beyond just the new loan and see how the new vs. old loan works with your short and long term
goals. If not taken into consideration you may unknowingly find your new loan conflicting with
situations in the future.
|
PARK LOAN
OPTIONS:
30 Year Fix Rate Park
Loans
5.55% to 6.375%
Minimum Requirements
4 to 5 Star Mobile Home Park
Minimum 100 Spaces
Metro Location
High Double Wide Ratio
City Service Water & Sewer
Loans $3,000,000 and Up
3 to 10 Year Fix Rate Park
Loans
6.125% to 7.5%
Minimum Requirements
2+ Star Mobile Home Park
Minimum 70 Spaces
Near Metro Location
City Service Water
Loans $500,000 to $3,000,000
1 Star / Trailer Parks
(Terms Vary)
Minimum Requirements
1 Star Mobile Home Park
Must have strong occpancy
Some Hard Money Options
Loans $200,000+
RV Park Loans
(Terms Vary)
Minimum Requirements
Must have strong occpancy
Some SBA Options
Loans $500,000+
|
