BPO's for Mobile Home Park (Broker Price
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LENDING OFFICERS: Specialty in Parks is "Critical" in creating accurate
BPO's vs. "Area Based" Commercial Brokers that are not equipped to handle park BPO's. Why? The park
market usually spans
multiple counties and for large parks even out of state well beyond the physical location of a park. There
is no time for "On The Job" training for you Park BPO reqests. Contact us to discuss our experience
in this area of commercial real estate.
Mobile Home Park REO’s and the
need for a BPO (Broker Opinion of Price) are rare but do happen. MHRV Advisors is one of the only firms with
brokers that have actually been through a few recessions and worked on park BPO's. Many of the so called park
“Experts” work at companies that may have been around during the 1990’s but the brokers themselves weren’t selling
parks in the early 90’s. To discuss a mobile home park BPO please contact use at .
Usually a requset for a BPO
on a mobile home park turns up even though the park itself is still cash flowing. Usually the borrower has
other assets that are being fed by the park income resulting in a “Rob Peter to Pay Paul” situation.
The other prime reason a mobile home park loan goes into default or foreclosure is that an attempt to redevelop
the property caused a high vacancy or the city denied redevelopment plans or simply the timing in the
market made it economically difficult to transition. There are a few other situations but
more often than not a park simply operates in such mannor that BPO's are rarely needed. MHRV Advisors is
one of the only brokerage firms that understands mobile home parks had how to do an accurate Park