19h • General
Bank Relationships
I am about to own a couple of small mobile home parks that are seller-financed, so there’s no bank debt on them right now.
Recently I was talking with a banker at Truist (formerly BB&T) — he helped my parents refinance an RV park years ago. I’ve stayed in touch with him and have asked a questions about mobile home park lending a couple times as I find deals. He’s been upfront that Truist doesn’t really do MHP loans, but in recent email he gave me a mhp loan broker connection and asked asked whether I had any operating accounts I might want to bring over.
That’s where I’m a little torn.
On one hand, I don’t fully understand the upside of moving a park’s operating account to a bank that can’t lend on my asset class, even if I like the banker personally.
On the other hand, I’m thinking it might make more sense to intentionally place one of these small seller-financed park accounts with a local or regional bank that does lend on mobile home parks, even if I don’t need them today. That way I’d be an existing customer with operating history when the time comes to finance or refinance a larger park and they’d already know me and the cash flow.
Curious how others have approached this:
- Do you intentionally place deposits with banks you want future loans from?
- Does having even a small operating account meaningfully help when a banker has to go to loan committee later?
Appreciate any real-world experiences.
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Bank Relationships
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