financing for older mobil homes

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Mike Bennett

financing for older mobil homes

Post by Mike Bennett » Sun May 11, 2003 8:30 am

In the last two years we bought a 1972 Marlette single wide non-permatized foundation. Since the purchase lenders have decided to stop financing this type of dwelling.
Our plan was to create a rental and at some point possibly market the restored mobil and property. Now unless we find a buyer with private financing or cash we can not sell this investment except for property only.
There at least a hundred simular properties in this area that now can only be sold as property since there is no financing available for single wide mobils of this age.
My question is this. Are there lenders that are interested in financing mobils of this age which are single wide, non permatized and have been restored and have an obvious income potential as single family dwellings/rental units?
I don't want to deal with lenders that are going to pedal all of our financial information and submit it to the internet for thousands of lenders to send bogus offers. We have already suffered this mistake which has unknowingly damaged our credit with unauthorized credit inquiries.
We're looking for lenders that specialize in this type of loan and see a market for financing olders mobils on parcels of land.
Any information that can be provided would be appreciated. Please don't submit our email address to lenders to contact us. We only are requesting names of lenders that do this type of financing. We will make the decision as to who to contact. Thank you for your assistance

Roy Bonney

Re: financing for older mobil homes

Post by Roy Bonney » Sun May 11, 2003 5:40 pm

This is generally the type of loan best suited to a local bank. They know the properties in their lending area, there values and the ability to resell. Your probably looking at an 80% LTV, but this is normal on this type of loan.

JOANN WATSON

Re: financing for older mobil homes

Post by JOANN WATSON » Mon May 26, 2003 10:23 pm

WAS REFERED TO CONSECO, OR SOMETHING LIKE THAT THEN LOCAL BANKS BUT REALLY NEED A CO FOR SUCH THINGS IF YOU FIND ONE LET ME KNOW...

JAY MIDDLETON

Re: financing for older mobil homes

Post by JAY MIDDLETON » Mon Sep 13, 2004 7:32 pm

I AM IN SAME SITUATION. DID YOU EVER FIND ANYONE TO FINANCE THE PROPERTY? I HAVE SINGLE WIDE WITH ADD-ON ON LOT AT A LAKE AND CAN FIND NO ONE TO FINANCE.

JAY

Re: financing for older mobil homes

Post by JAY » Mon Sep 13, 2004 7:36 pm

HAS ANYONE EVER FOUND A PRIVATE LENDER REASONABLE TO FINANCE ?

Jeff Plissner

Re: financing for older mobil homes

Post by Jeff Plissner » Tue Dec 28, 2004 12:17 pm

I assumed a note held by a private person on a 1982 single-wide on a non-HUD compliant foundation. The note is 10%, but now I can't find any refi option, or financing option for prospective buyer due to the foundation.

DALE DENNING

Re: financing for older mobil homes

Post by DALE DENNING » Mon Jan 17, 2005 12:30 pm

I am lookig for financing on older Mobile Home located in Nebraska.
Home is on Deeded Land with well and septic.

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