Mobile Home Park in Austin
Old Bastrop Road, San Marcos, TX, USA
Property Type
Multifamily
Length
18 months > Term
Appraised Value
$1,620,000 Appraised Value /
LTV
62
About this Property
I’m looking to increase the density of my fully-leased mobile home park in Austin with 36 available spots at the moment. The mobile homes currently sit on very large pieces of land, and I plan to increase density on the property by building out additional infrastructure for the mobile homes to get power and water from.
Listing Details
- Term: 18 months
- Appraised Value: $1,620,000
- LTV: 62.5%
- Status: Leased
- Property Type: Multifamily
- Purchase Price?: $500,000
- Listing Type: Multifamily
- ARV: $3,240,000
- Current NOI: $129,600
- Pro Forma NOI: $259,200
- Building Size: n/a
- Land Area: 6 acres
- Occupancy: 100%
- Experience: 1-4 Deals
- Number of Units: 36
- Date Purchased: 2000
Financials
- Loan Amount: $1,000,000.00
- Estimated Net Worth: $4,000,000
- Estimated Income: $200,000
Client Information
- Has the client used private money in the past?: Yes
- Has the client had any banckruptcy in the last 5 years?: No
- Client Background
- The Borrower has owned the property for almost two decades. His mobile home park is currently fully leased. He plans to add an extra 36 spaces and enhance the amenities with the capital provided. He needs 18 months to complete construction and stabilize the property. Once stabilized he will refinance with traditional financing – paying off this loan.
Details
Loan Purpose
- Value Add
Role
- Investor
Listed by shah
- Profile Status
- Verified
