Since 1975-Contact us TODAY for a Free Consultation
Phone or Text 856-278-6103
The lending environment on Parks has changed considerably over the past two years. In order to satisfy a substantial current
Investor interest in the acquisition of Parks we are showing the following list of facts and criteria
regarding lender requirement for the refi/purchase of a Park.
It is extremely important to get our "Special Report." for Income property buyers and print it out for review.
Our "Special Report" contains valuable and detailed information for anyone purchasing or refinancing income property.
This report can be seen at:
Special Report. The report contains much information including how to calculate the true value of any income property, including mobile home parks.
We use all non-bank national lenders.
IMPORTANT - Because of time constraints we are unable to give personal telephone unpaid advice unless you have a strong written or verbal agreement with the seller.
Please do not contact us for a general discussion of each park you are considering for purchase. Nearly all possible questions you may have are answered here or in our “Special Report.” Unless you have a very unusual question, only contact us when you have a strong commitment from the seller.
FINANCING FACTS AND LENDING CRITERIA
The Park must be:
FINANCING INFORMATION: (as of April, 2011)
- Nearly fully occupied. At least 90% or more.
- No more than 5% "park owned" units. 95% or more of the units must be owner occupied.
- Streets in the Park, if any, must be paved and in good repair.
- The Park must have a good appearance. All units must be skirted. There should be a well-kept
lawn around each unit. There must be grass where the lawn area meets the street.
- The park should have a substantial amount of "new single-wide" mobile homes. These are the
14' by 60' units which have replaced many of the older "double wides."
- Office and pavilion or other common areas should be well-kept.
- No RV areas in the Park.
- If you cannot visit the park personally you should get 15 to 20 digital photos of the units or Park
e-mailed to you before proceeding. This can be easily done today. If a potential seller will not do this
- Our lenders will not consider any properties which have a "trailer park" look. They are interested in financing
only "Mobile Home Parks."
"Trailer Park" designation generally means a high percentage.
Of park owned units, a large amount of old 8' x 25' trailers, dirt roads through the Park, general overall junky
appearance of units, unpainted office etc.
- 70% LTV based on an appraisal.
- 10% minimum cash down required from the buyer.
- Maximum 20% 2nd position seller carryback.
- 5 to 10 year fixed - 25 year amortization rate.
How to Contact Us
Send us an E-mail with some details of your financing request. It is important to send your: Full name, PHONE NUMBER and a paragraph or two describing your financing needs. Please DO NOT forget to include your PHONE NUMBER.
Phone or text: 856-278-6103
Call us anytime 24/7. We are available for one-on-one discussion up to 11 PM Eastern Time and on weekends.
BARCLAY ASSOCIATES - Cherry Hill NJ
MINIMUM LOAN AMOUNTS
Copyright © 1997-2018 JS Inc./Barclay Associates-All Rights Reserved
- INCOME PROPERTIES - COMMERCIAL MORTGAGE LOANS- (apartment and office building loans, self storage units, mobile home park financing, strip centers etc. (Not raw land/land developer loans) - $100,000 minimum loan amount. ($125,000 minimum if referred by broker.) Multi-family (apartment buildings) must be 5 units or more.
- RAW LAND LOANS OR LAND DEVELOPMENT LOANS $500,000 minimum loan amount($600,000 minimum if referred by broker).
- SBA LOANS-$300,000 minimum loan amount. ($350,000 minimum if referred by broker).
- OTHER SMALL BUSINESS LOANS (NON SBA)- $300,000 minimum loan amount ($375,000 minimum if referred by broker).
- FACTORING AND ASSET BASED FINANCING These are business loans using accounts receivable, inventory, equipment & real estate as collateral- $500,000 minimum loan amount($600,000 if referred by broker).
- OTHER TYPES OF FINANCING NOT INCLUDED ABOVE - contact us for minimum loan amounts.
BROKERS and other intermediaries- WE WELCOME BROKERS. It is EXTREMELY IMPORTANT that you [CLICK HERE] to obtain full information about our referral fee program and our referral fee rates to brokers.
WHAT WE DO NOT DO:
- We DO NOT finance residential properties-only commercial.
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Copyright © 1997-2019 JS Inc./Barclay Associates-All Rights Reserved