Mobile phone house parks possess some uniquely appealing characteristics, but among the many appealing is the countless various funding choices offered to purchase a mobile house park. There are more financing that is creative in mobile home park investing compared to the rest of the sectors of property combined. And also this permits new investors to enter the company with reduced risk much less hassle, along with experienced investors to make the most of some structures that are extremely attractive.
Seller financing of mobile house areas
This is certainly among the best reasons for having mobile house park funding – the capability to format an extremely appealing loan from a mother & pop music vendor whom owns the park free and clear. Seller funding typically includes 1) no credit check 2) no loan committee 3) low advance payment (as little as 0%) 4) 5 to 10 12 months term 5) non-recourse 6) 30 12 months amortization 7) presumption permitted 8) seconds permitted and 9) innovative terms in the front end, particularly interest only into the very early years. (more…)