loans

[Donna]

Does anyone know of any one who does financing on manufactured homes in a Park? I don't own the land. I only know of a few, some which are Banks and the interest rate is so high, plus the few that will, want a high down payment. I live in New Jersey.

[D. Abben]

Your own Bank may be a good start. Home only or Chattel loans are deemed Personal Property because in a Park the property is leased and the home is not affixed to a foundation. For that reason the interest rate is going to be higher 3-4 basis points on new over site built and even higher on pre-owned. Down Payments are usually at least 5%, but will have an negative effect on the rate.
(The more down the lower the rate, still be prepared for 8-12%)
Other than your own Bank, there is a place on this website that have other lending sources you could try. It is difficult. Good Luck.