Mortgage MH Loan or 'Land Loan'???

[JC]

My Question to anyone who knows or may have experienced:

Property in Nevada has 'abandonded and severly trashed' manufactured home (non-repairable) on acreage of land.

Bank (owner) is selling but sale is 'focused on the acre' and not manufactured home as it is 'as is/uninhabital'.

Would this be a 'land loan' (although not technically a vacant land parcel due to the 'manufactured home' still on-site)?

Or is this a 'mortgage loan' due to the manufactured home although I can't see getting insurance, and all the other 'mortgage loan factors' associated with a 'dwelling'?

Very confused on this 'sale'.

Opinions/advice greatly appreciated!

[rmurray]

Technically any loan that involves real estate is a mortgage...but from what you describe most lenders would look at this collateral as land only loan..which usually has a large down requirement...Most lenders will not do land only..shop around the local area for a bank who knows the area...Oftewn the bank selling the property will offer good terms..Good Luck..

[JC]

Thank you, Murray, for your response to my question.

JC

[Ray]

Probably your best deal would be to work with a reputable dealer familiar to the bank or another local bank and work out a land/ home package which would pay for the land and the construction loan for installation/ improvements for a new home. Total loan amount will be based on the appraised value of the completed project and the bank will loan up to 70-80% of the appraised value. The bank holding the current note would probably give you the best terms.