GREEN RIDGE LANE BANK INFO READY TO BUY ? ....... If you like this property, we can show it to you anytime. If you want to make an offer, be ready to put down 10 percent earnest money. If we accept your offer, a purchase contract will be be prepared by a local attorney here in Alleghany County. We cannot sign any type of contract without earnest money and a letter from the bank showing you are approved or have funds available. If you are seeking financing, you will need to have 2017 and 2018 tax returns when you talk to the bank. 2019 Tax Returns are not due or required Rental Property would be a Commercial Loan. With Covid-19, some banks are more strict and may not loan money on a trailer park IF you are seeking financing, talk to your bank and see if they will loan you money on a trailer park. You will need excellent credit, and a good down payment or equity in another property. Secondary Markets are not a good place to borrow money. It is difficult to even get a home mortgage with those lenders. Local Banks are the best to work with. ABOUT COMMERCIAL LOANS ....... Most banks will loan 80 percent of appraised value, but a trailer park will be different. When you talk to your bank, ask if their apprasial will be based on Rent Income ? If so, you should be good. IF the bank is only appraising the land, the appraisal will be too low and you may have to come up with half for a down payment. Some banks will put a value on the land, and then figure Lot Rent to determine value. This type of appraisal will be too low. You can also run some numbers and see what your payment would be If you are borrowing money from a bank. Here's a         Loan Amortization Schedule Calculator IF you can get a loan, This payment should be easy to make. IF you are a cash buyer, you will make a lot of money here. N0 Brokers, Buy And Hold, or Wholesalers - We are looking for someone who wants to invest and own a trailer park BACK to MAIN PAGE