Land/Lease Financing

["Ann Marie"]

Help! Does anyone know who will finance in a land/lease park. I have just put a bid on a property that has a single-wide home on it. I plan to remove it and put a brand new one on the lot. This is an adult park with a 100 year lease....77 years left on lease. This is considered a condo-type park with beautiful manufactured homes. I need financing that will take care of the purchase of the old one and the new one as well. I found only one bank here in San Diego that will do it but they want 20% down. Too steep for me. Can anyone help. I don't want to loose this property. Desperate!!! Thank you.

[JD Adams]

Have you tried the links from this website for financing info? Also, what about going through, or asking, the manufacturer? I have no experience but it may be a valid suggestion, I hope. If you don't mind my asking also, where is this park and how did you find it? I am looking for a MH to purchase or lease/purchase in San Diego, preferably in or near the OB area. I have no idea where to look for such info. What are the lot rents like where you are looking and in the San Diego area? Thanks and good luck.

["Ann Marie"]

JD, yes I have tried the links from this website for financing and I have rec'd responses but none are interested in the land/lease deal. The retailer is doing business with the bank that wants 20% down. They are still looking for me. This park is in El Cajon. It's an adult park. Space rent in the San Diego area can range from $325.00 to $840.00. Family parks are more in space rent than adult or senior parks. I have driven all over the county looking at the various parks. The yellow pages has quite a list of mobilehome parks and then you just visit some or all of them until you find a park that you like. You will find some are trash and then you will find some that are just beautiful. The retailers in OB should be able to provide you with some helpful info as well. I've done a lot of research and am still working on this. But I'm getting closer to my goal. Good luck to you too.

[rmurray]

This is a discription of the finance you are looking for....Go here and read about it..

http://www.manufacturedhousing.org/lib/ ... =196&cat=2

These folks should know which if any lenders are active in the program..



Manufactured Housing Institute
2101 Wilson Blvd., Suite 610
Arlington, VA 22201-3062
Tel: (703) 558-0400
Fax: (703) 558-0401
[email protected]

These are the staff involved in finance development..

Finance and Economics

Name Designation Email

James Clifton, Ph.D. Vice President, Economics & Housing Finance [email protected]

Bianca Lewis Administrative Assistant [email protected]

Leila Sader, PHC Director of Accounting [email protected]


If anyone can direct you at all..it will be these folks..Good Luck..

You might have the dealer call as well..

["Ann Marie"]

Thanks, Murray, for all your wonderful information. I certainly will check this out. This website is the greatest for anyone looking to buy or learn about manufactured housing. Just the best.

[Brenda Tapp]

Does anyone know who will finance land & home in Texas.I have put together 6 packets for 2 different mortgage companies. They just give me the run a round. My home sets on a lake view lot of 1.13 acres. Its beautiful. My home is in my mothers name & I want it in mine & my husbands. It is a 62 X 28 Redman. Is there anyone out there that can help me. I paid $6000 down & can prove I have made EVERY payment.

[dan]

I have a mfh and would like to put it on land but can't get anyone to finance a costrion loan. I found some land and my home meets county codes.I needs to move my home because no one will buy it while it is in this park. Where do I go for this typr of loan? Thank Dan!