Looking for a company to help you finance a mobile home park purchase? Well, that’s what Venus Capital can do for you. We help entrepreneurs, investors and just regular people buy and refinance a mobile home park. This is a great investment opportunity for the right buyer, and Venus Capital is here to help you make the financing work.
Let’s talk about how the finding the best financing options for your manufactured home land can truly make a great ROI. Here at Venus, we want to make this process simple and easy for you. Mobile home parks are a stable money maker and they are becoming more scarce in certain parts of the country.
What Is A Mobile Home Park Loan?
Mobile home park financing is basically a term covering the commercial mortgages used to purchase land that falls under the categories of mobile homes, RV rental parks, seasonal parks and even camping grounds in some areas. Some types of manufactured homes that are semi-permanently set in the park can also qualify for commercial mortgage loans. Residents might even be able to lease the land from the park owner for their manufactured home.
And the land owner can get a mortgage against the specific plot underneath the mobile home plus the common areas and even structure elements. There are several options for mobile home park financing, so be sure to chat with a Venus Capital loan specialist to see which how your scenario can be handled.
Here at Venus, we don’t specialize in construction loans for mobile home parks, but it is something that can be accomplished for the right qualified buyer.
How Do You Finance A Mobile Home Park?
Many traditional lenders can offer RV park financing. Traditional lenders view land as a solid investment and can underwrite it as collateral for the mortgage purchase or refinancing. However, these traditional lenders still have strict requirements for income, asset leverage and credit scores to be able to qualify. Here at Venus Capital, we are the private financing many investors need for their RV or manufactured home parks.
These land properties usually generate cash flow which increases the chances of repayment. Thus increasing the approval rate by our private lenders. And if the park has opportunities for improvement to increase cash flow, many lenders will fund the loan because it’s considered a quality investment in the park’s future of stable returns.
Land owners looking to improve their mobile home park or manufactured home park will love the commercial mortgage options provided by Venus Capital. Our expert team works with several unique private financiers to lock in the best loan rates and get you approved even if you don’t have ideal credit.
Contact us today and let’s get an application started for your purchase or refinance needs.
Mobile Home Park Financing Can Be Leveraged For The Following:
Here’s some common uses for a loan for mobile homes:
- To purchase an existing mobile home park, RV park, or manufactured home land
- Refinance an expiring term on the park with a new (ideally better) rate and term
- Acquire the raw land for the park and develop it accordingly
- Refinance the mobile home park to cash-out and improve and repair the park
- Get a second mortgage with a cash-out option to avoid foreclosure on the first mortgage
What Is A Hard Money Loan For A Mobile or Manufactured Home Park?
When borrowers are looking for options on a mobile home park loan, a hard money loan is a common term they will find in their research. These loan types are typically faster to acquire, have less documentation needs than banks, and can fund deals at lower LTVs. A mobile home park hard money loan can closer much quicker because the lender relies on the value of the land and business instead of extensive documentation on assessment, borrower documentation, etc. So if any reason occurred that the borrower defaulted, the lender could sell the property and recoup the principle.
There are downsides to hard money loans for manufactured or RV home parks. The first is hard money loans often come with higher interest rates. This is because the private financier is taking a larger risk with less documentation and proof. Higher risk always comes with higher interest rates in the world of financing. Hard money loans also have shorter payback periods, often less than 5 years total. Here at Venus Capital, we typically recommend this loan type for quick acquisitions or large infrastructure repairs that can later be refinanced with a more traditional commercial mortgage.
What Lenders Offer Manufactured or RV or Mobile Home Park Mortgages?
Plenty of lenders will offer financing options for these purchases, because they are a cash-generating investment. Regular banks and credit unions are usually the first thought for many investors. And these traditional funding sources have benefits like low interest rates and terms for the qualified borrowers. The tricky part is ensuring that you are a qualified borrower in their eyes.
The usual requirements of these banks is a very high credit score, equity in other investments for leverage and significant cash on hand to complete the deal. This isn’t always feasible for average investors so what are other options?
This is where private financing from Venus Capital can truly help. Our lending sources are more flexible with credit scores and equity requirements for their loans. And we can offer more unconventional loan options for quicker closing and faster access to cash when needed. If you’re looking at a mobile home park financing option, contact us today and let’s walk through your scenario. It’ll be much easier than you think!
Venus Capital Make It Easy For Investors
When Venus Capital loans money, they make sure to have fast turnarounds. They will release hard-earned funds after a signed loan agreement is in place without any hassle. This means that you can take advantage of valuable opportunities before the property goes up on sale for much more than its initial price tag!
With a high quality customer service team, we’ll handle everything on the loan side to move you forward quickly. From the moment you start your application until it’s time for payment, our trained representatives are available all hours of the day with helpful answers and personalized solutions tailored just for you.
Make an appointment with our helpful advisers to find the right loan product that meets your business needs and see rental portfolio loan rates
(614) 392 4111
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