Wachovia Bank Wins Foreclosure On Homestead Mobile Home Park

Frank Rolfe — Fri, 05 Mar 2010 20:46:29 +0000

Wachovia Bank has foreclosed on Homestead Mobile Home Park, in which it had a $9.8 million mortgage. Homestead Mobile Home Park is located in south Florida.
Wachovia had made a $9.8 million loan on Homestead in 2006, when it was purchased by Washington, D.C.-based developer Yale-Stead Associates for $13.5 million. Yale-Stead had planned on tearing down the mobile home park and building a 204 unit apartment complex on the site, and had arranged a $50 million line of credit to build the facility. However, due to problems in the credit market, the complex was never built.

Frank & Dave’s Analysis of This Story:

There will be more stories like this in the months ahead, as troubles in the commercial real estate financing market are finally dealt with. Would this be a good mobile home park deal? It might be. Most banks have absolutely no desire to be in the mobile home park business. Could you get a loan on it? The first source might be Wachovia. They might be most interested in just putting this loan back into the “performing” category.

Mobile Home and Mobile Home Park Lender Contest

Dave Reynolds — Thu, 11 Feb 2010 08:19:46 +0000

We all know how hard it is to find a lender in today’s economy for mobile homes and mobile home parks. This month’s contest will entail a search for all local, regional, and national lenders that will loan on mobile homes and/or mobile home parks. We will put together a list of all the submissions that we get and send a copy of this list to all those who send in at least one suggestion. Please send the lender’s company name, contact name, phone, and email to dave@mhps.com and I will put together the list.

Also, as part of the contest, we will draw one name at the end of February for a free copy of our Mobile Home Park Home Study Course.

MHWeekly » Lines of Credit

Wachovia Bank Wins Foreclosure On Homestead Mobile Home Park

Mobile Home and Mobile Home Park Lender Contest