The Manufactured Housing Forums

Has anyone dealt with had money loan? If so what is it like and Does iny body know how to find them?

The main criterion for a hard-money loan is loan-to-value (LTV; divide total loan amount by fair-market value; FMV, and be conservative). For land-home deals you generally need 65% LTV or lower.

There will usually be an upfront application fee for appraisal and review, 4-6 lender points, 2-4 broker points, and interest rates usually around double the best A-credit rates.

Credit scores are not very important, but any liens need to be satisfied. Most have no prepayment penalty, and you don't want one.

I'm not aware of any home-only (chattel mortgage) hard-money loans. If anyone knows of such a lender I'd like to know, too.

I can refer nationally, and broker them in WA or CA. These are last-resort loans to stop foreclosure, etc., and buy time to repair credit and refinance ASAP. If you can get a subprime (B-C credit), that will be much better. Good luck.

I need to get financing to buy mobilehome park my credit is not very good just the land is worth the asking price