Posted by Tim (Atlanta) on June 07, 2001 at 09:43:49:
Normally the banks won’t deal with the buyers of our mobile homes because of credit. If the buyers could qualify, we would be happy to cash out of these deals, and move on to more mobile homes. This happens on occasion, but just not very often.
A couple of things to consider instead : You could go to your local bank and hypothecate the notes that you have on the mobiles. This pledges the notes to the bank, and you can get some cash. Usually at a pretty good rate. You will need to deal with your small local bank. The big guys don’t want to deal with mobile home paper at all. You get to keep the notes, the bank is basically lending you money based on the value of the notes.
Another idea that you already thought of is partials. These are normally sold to the note investing community, and the rates are much higher than hypothecating. But you can do these deals quicker. There are note buyers available that would purchase your partial. Some of them frequent this site. You can use the cash to go on to the next deal. Yes, you will give up some of your profits. But it does keep your business going with ready cash.
Tim