The
MANUFACTURED HOUSING GLOBAL NETWORK
Home     Privacy & Security     Contact Us    
 
What do you want to know about manufactured housing?
Manufactured Housing Web Search
Home Search     Forum Search     Business Search    


Financing   Buy A Home Sell A Home Repair & Renovation Free Classifieds   Forums Books Insurance

Commercial Real Estate Lenders Mooresville NC

See below for commercial real estate lenders in Mooresville, NC and commercial investors that give access to commercial real estate loans, loans for commercial building, and commercial real estate financing as well as advice and content on residential mortgages and commercial mortgages.

Re/Max Executive At The Lake
(704) 662-0095
121 Rolling Hill RoadSuite 110
Mooresville, NC
 
RE/MAX at the Lake
(704) 975-7111
121 Rolling Hill Road
Mooresville, NC
 
The Lake Norman Company
(704) 892-4619
PO Box 1120
Charlotte, NC
 
Dula Real Estate
(704) 895-1011
18145 West Catawba Avenue
Charlotte, NC
 
CENTURY 21 Hecht Realty, Inc.
(704) 483-3651
885 North Highway 16
Charlotte, NC
 
Coldwell Banker United
(704) 664-5253
311 Williamson Suite 103
Mooresville, NC
 
SouthMark Properties, Inc
(704) 650-9799
133 River Park Road
Mooresville, NC
 
Coldwell Banker Commercial United Realtors
(704) 361-1259
18825 W. Catawba Ave. Ste. 200
Cornelius, NC
 
Village Real Estate Group
(704) 517-2811
7835 E NC Hwy 150
Terrell, NC
 
Dream Weaver Properties
(none given)
765 Bridle Path Farm Road
Cleveland, NC
 

What are lenders looking for in this tough lending market?



What are lenders looking for in this tough lending market?
Fri 09/26/08 10:07:05 am
FINANCING FOR MOBILE HOME PARKS

National commercial real estate lenders are now far more adverse to lending in rural markets.   The typical minimum population size these lenders are willing to go into is 25,000 or more.   Each lender has a specific criteria of what they will allow as far as proximity to a town this size or greater.   For example, the town size would need to be at least 25,000 residents or within 25 miles of a town 100,000 or more.   Another lender allows the property to be within 30 miles of a town 25,000 or more.   The size of the loan and specifics with the property determine which lender would be interested in financing the park.

 

Rural markets limit the number of prospective tenants and in a foreclosure situation, limits the number of investors that would be interested in purchasing the property from the bank.   This pushes these national lenders to lend in markets they feel have a better chance of reducing risk.

 

Some of the better deals on parks can many times be found in rural markets which are now financed either by the seller or a local bank.   Sellers are becoming more and more interested in financing their parks for a buyer where their existing debt on the property makes sense.   The difficulty with local banks is they are most interested in loaning to investors that reside in or relatively close to the town where the park is located.   If the park is near where you live, a local bank can be a viable option.   Also, if you have an existing banking or wealth management relationship with a bank that has a branch in or near the town where the park is located, the bank will consider your loan request.  

 

 

Experience

 

Many mobile home park investors are purchasing their first property of this type.   This does not necessarily rule them out of financing from a national lender.   These lenders are looking for borrowers that either have owned or currently own mobile home parks or other types of commercial income producing properties.   An investor that has owned apartments, self-storage, retail, or office buildings is considered to have the experience these lenders are looking for.   Owning a second home or a few single-family residences is not always considered experienced enough to borrow on a mobile home park.  

 

Where an investor is buying a park outside of their area or state where they reside, these lenders are looking for experience in owning other properties outside of their area or state.   This demonstrates to a lender that the investor understands how to successfully deal with the issues associated with owning properties that are not within a fairly short driving distance.   Lack of experience was not a signi...

Click here to read the rest of the article from mobilehome.com


© Copyright 2008 Express Network Solutions
Manufactured Housing Global Network

Page Cached @ Tuesday, 18th January, 2011 @ 02:00am

Served by checkov .xpr.com
@ 02:01:59