Welcome to episode 47 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson and Brad continue their discussion about CMBS financing, and outline what you need to know before you get one! Be sure to listen to last week’s episode to get caught up to speed.
Key Takeaways:
[2:15] What third party documents/reports do you need in order to apply for CMBS financing?
[5:45] What do you know about zoning restrictions/requirements?
[9:55] Brad has never seen a survey done for CMBS under $10,000.
[10:35] You're going to need a minimum of 45 days to get the loan done.
[12:00] Tip: Plan for margin of error.
[12:50] What does the seller need to know, if the buyer is applying for CMBS financing?
[15:30] How do you find out what interest rate you’re going to be paying?
[20:00] Remember, you want to be sure you have enough money in order to see the loan through. It can be expensive and time consuming!
[21:30] Brad does a quick recap.
[24:45] With a CMBS loan, you can’t just ‘pay it off,’ like any other loan. Brad explains further.
[30:00] If you’re a fix and flip kinda of guy, then this is not the loan you should have.
Mentioned in This Episode:
Park Street Partners www.parkstreetpartners.com
Mobile Home Park Investors www.mobilehomeparkinvestors.net
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
