Maybe, try this. It sounds like you have a bank lined up that will loan on Mobile homes. So that being the case, find out their criteria, credit, interest rate, etc. Get a copy of the banks paperwork(Note, Security agreement, etc.) that they use. When you sell the homes, sell them with owner financing using the banks own forms, and as close to their criteria as possible. Get a bunch of notes pooled and sell them directly to the bank.
I could get bank financing on these pre-owned mobile homes but the banks like to see the homes fixed up a little first, plus these homes sell for a lot less using bank financing. I could also sell with owner financing for a higher price on better terms and then sell the notes to a mobile home paper buyer. What would be for the better here? I don’t want to keep these notes, and would like to pull out the most cash as possible. Anyone know of any good mobile home note buyer’s?
Dear John,
I work with investors who purchase notes of all types. If your MH has land attached you will get a better deal. Most investors only purchase MH with land, however I work with an investor who purchase MH’s w/o land. The yield starts at 18% and they prefer a few months seasoning, at least 14ft wide an 1989 or newer. I can’t promise anything, but I could submit your info and see what develops.
If interested contact me by email: tonyjtom@aol.com