Hello. We are looking into buy a couple of mobile homes to put on some of our vacant lots as a test to gain some experience. Do you have any recommendations who to finance through? What are some of the interest rates, financing terms, and other information that you see when financing through your said recommendation?
21st Century is a mh lender. Not sure of rates, but based on the “movability” of a mobile home, I would expect it to be around that of a vehicle… just my opinion. Also, i’m sure there is an age limit on what they will finance.
If you get accepted through the 21st mortgage CASH program and intend to rent these out, the ballpark is 7%. 15 year terms on $35k loan and above and 12 year terms below $35k.
How serious is 21st about their 10 unit minimum, or did I make that requirement up?
@Wanderer, I talked to my rep a few days ago and they seemed to be pretty well set on 10 homes being the minimum.