financing

[Jeffrey Campbell]

we are looking to buy a new mh to be put in a park we will own the home but only rent the land we have only found 2 mortgage companies that loan money in them situations can you send us names of mortgage co. that deal in new jersey in which this situation.
Thank you,
Jeffrey Campbell

[Mac]

I believe what they are talking about is two loans - a construction loan first, to pay the existing mortgage and the builder and pay for site improvements, then a second, final conventional mortgage, which pays off the construction loan. If you can find the right lender, you can save $1-3K by having something that rolls into a conventional mortgage. Otherwise, you pay two sets of closing costs. We did that - I didn't look hard enough - so I paid 8.5% on the construction loan (the higher rate reflects more risk) and 5.75% on the final mortgage. Ask them to clarify whether they mean what I'm saying here.

[Peggy Kitting]

Did you ever find anything?
-P