Posted by William Earl on January 15, 2003 at 12:40:55:
Yes there are very few lenders who do single wides. I believe Chase will do single wides still, and chattel mortgages(mortgages without the land underneath) are a real pain in the but! Remember that large investment loans have the same criteria that other loans have, they look at the 5 c’s and “Character of the borrower,” is essential to a loan and not having a steady source of income while you are speculating that the funding will come through for your next business will stop the loan process.
No JOB, No Loan/no loan, no job - Posted by Richcut
Posted by Richcut on January 14, 2003 at 19:35:27:
Why is it so hard to find a lender to finance a Mobile Home Park. I have the 20% down and enough to get 10-15 lots fixed up with newer homes to rent out for the maximum return. The income on the park right now is 3800 per month. With the other homes I want to put in, the income would double. After that happens we would use the income to put in another home every two months. I have gone to local banks, which is going to try, among other things, a SBA Loan. Every one seems to be fixated on the NO JOB thing. I was laid off almost a year ago and have been working under the table since. I also have enough money to pay my personal bills for the next 6 months. Where should I look for loans? Can I put an ad in the paper seeking passive investor to earn 7%+ on his money? How would an ad like that be worded? Thanks for your advice.
One issue could also be that the single wide mobile home is destined for extinction. Mobile home dealers are telling me that there is only ONE lender now that will do loans for single wide homes without land. Everyone is going to land/home packages on doubles & modulars. So the banks may see the day that you cannot find homes for your park because no lender will loan on a single wide home w/o land being attached.