Welcome to Episode 65 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. As Brad is off this week, Jefferson interviews Gerry DiMarco from Security Mortgage Group. Gerry’s company is a full-service mortgage brokerage firm that specializes specifically in financing mobile home communities. On this week’s show, Gerry goes into depth on what kind of debt you can take out on your mobile home park, and how he helps ease the process between banker and lender.
Key Takeaways:
[1:15] Who is Gerry and how did he get involved with mobile home parks?
[5:05] How did Gerry and his father grow the family business?
[6:35] What’s going on in the mobile home park industry when it comes to financing a mobile home?
[10:55] What kind of star rating do you need to qualify for a 3 Max loan from either Fannie Mae or Freddie Mac?
[14:40] How does Gerry search for good financing deals?
[19:00] Gerry and his brother are able to condense a complex transaction’s terms, and turn it into a two-page summary for their lenders, making it easy and concise to understand.
[19:55] Does Gerry go on site to any of the parks he brokers?
[21:55] What kind of financing can park owners expect, based on the state of their park?
[27:35] How do most of Gerry’s clients structure their loans?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to: deals@parkstreetpartners.net
Call Gerry: 585-423-0230
Email Gerry: Gerry@Securitymortgagegroup.net