Re: Need some advice on getting money to buy mh - Posted by Tony-VA/NC
Posted by Tony-VA/NC on June 03, 2004 at 20:46:47:
Banking is a game in and of itself. Much of the lending I have obtained has been made through hard earned relationships with lenders. Trust me, I stormed out, cursed out and darn near punched out a few lenders before I got some “yes” answers to these deals.
Sometimes it just takes getting the first few deals done through alternative financing (owner financing, hard money- private lenders, home equity loans, refi’s on other properties, etc.).
Once you get a few done, then a new bank may look more favorably upon your deal. After you get a deal financed and pay on time, the lender’s soften up a bit. They see you performing and begin to establish a comfort level with you. Certainly it is best if you can establish a rapport with one person at that bank or lending institution but that is not always easy as these places are constantly getting bought out.
Refi’s after one year of seasoning will be easier but you will still have to farm your area for lenders willing to either gamble on the mobile home with land (securing both with a first lien) or one willing to gamble on you.
It is important to present the deal in a manner that makes it harder and harder for the lender to say “no.” Give them a good loan to value. Keep your payments a priority (established credit or begin now). Give them a first mortgage (Deed of Trust) on the land and a fist lien on the home (or retire the title). Have your personal and business information in a format that they can use.
I like nothing better than to play “radar” from M.A.S.H, by handing the lender the documents as they are asking for them. “Yes, that information is right here.” Or, “yes, that is listed just below your thumb.” Not that I want to come across as arrogant, on the contrary, I simply want to prove that this is a business decision and the facts support it.
Sometimes the hardest part is to simply get a lender to tell you what it is they want to see. Once you find our or figure it out, write the application with that lender (reader) in mind.
Most important of all. Keep asking, keep knocking and don’t listen to “no.”
This is a numbers gaem. Keep asking. When one won’t loan, another will. The one that said “no” this month will say “yes” next month.