Financing

THE “FISCAL CLIFF” – OPPORTUNITY OR CRISIS?

As I write this Blog, it’s January 11, 2013 and THERE IS a Washington resolution to the “Fiscal Cliff”.
OR MAYBE NOT, depending upon the point of view of which ‘expert’ is being interviewed and by whom.

Park Valuation

I often get asked by resident groups how much their park is worth, i.e., what are they going to have to pay to buy it.

Resident Park Refinancing

Resident group Boards (and the members) always need to be aware of the future needs of their community.  One of the more important needs (for some parks) is the need to refinance their first mortgage. Groups have financed the purchase of their park with a variety of loans – from banks, from community development groups, … Read more

Eminent Domain – Permanent Financing

One of the most important aspects for a successful resident acquisition of the mobilehome park using eminent domain is locating PERMANENT FINANCING. Permanent financing is the EXIT STRATEGY required by the City Fathers in order to pay off any interim financing and allow the City Fathers to recover their costs of the project. However, you … Read more

Refinancing of Resident Owned Parks (Part 2 – Fannie Mae)

Fannie Mae is probably the largest lender for manufactured home parks in American
today. You might think this is good, since Fannie Mae was created by Congress to facilitate the affordable housing loan market, and, you probably think, foolishly, that as a resident group seeking to refinance your resident owned park, Fannie Mae would be a great source.

Refinancing of Resident Owned Parks (Part 1)

Recently I visited with the resident refinancing committee for a park on the central California coast.  The committee is planning for the refinance of the first mortgage debt they used to purchase the park about seven years ago, as a Mutual Benefit Corporation (MBC).  They have about three years before they need to pay off … Read more

Tax Exempt Bonds for Mobilehome Park Purchases

I am occasionally asked, “Why can’t my resident group get tax-exempt bond financing to purchase our park?” Resident groups leaders are referring to the fact that commercial funding for resident groups trying to buy their park is hard to come by.  But so-called Non-Profit Corporations (NPC) can get local government sponsored tax-exempt bond money to … Read more

Park Valuation and numbers – “Finance 101”

I often get asked by resident groups how much their park is worth, i.e., what are they going to have to pay to buy it. I don’t think there is ‘one’ value for a piece of real estate, such as a mobile home park. Rather there are several values: Value #1 – Owner Value, which … Read more

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