Welcome to Episode 55 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. What do mortgage bankers bring to the table? Well, in this episode, Jefferson and Brad bring on Andy Margolis, a mortgage broker from Draper & Kramer. Andy explains in detail what a mortgage broker can do for you when it’s time to borrow money.
Key Takeaways:
[3:10] How did Andy become a mortgage broker?
[5:00] Why should somebody use a mortgage banker?
[9:15] Andy highlights an example of how he saved a client money, and even noticed some things in the loan docs that his attorney missed.
[10:45] How does Andy work with mobile home park lenders, especially when it comes to park and home percentages?
[11:45] Why would you do a life insurance loan vs. a CMBS loan vs. a bank loan?
[13:55] When somebody comes to Andy with a deal, does he shop it around to life companies, CMBS, etc. for the best deal?
[17:30] If somebody were to buy a $500,000 park, what would that financing structure look like?
[21:10] Andy shares some examples of what some of his deal structures looked like with his most recent clients.
[28:20] When would a non-recourse lender come after you personally?
[32:30] Find a lawyer who is familiar with CMBS loans. If you’re working with an attorney who has never done one before, your legal bill will double.
[35:35] Mortgage brokers typically cost about 1% of the loan amount, which typically gets paid out on closing.
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Email Andy: Margolis@Draperandkramer.com
Call Andy: 312-795-2507
