I’m wondering if anyone knows of a company that will finance the purchase of 5 or 6 new homes to used as rentals in my park. We have on open lot and permits for 5 more homes we’d like to utilize. I know credit is tight right now. Does anyone know of a company that would finance something like this? We’d do 20-30% down.
21st just came out (about 2 days ago) with an 80% loan to cost program (home invoice, freight, set up, HVAC etc.) to finance mobile homes for Community owners. You have to agree to a bulk buy of at least 10 new homes. The interest rate is 9.5% ammortized over 10 years. They keep the Titles until the homes are paid for, can pay off early individually via carve out. You are able to rent, lease option or any other structure you like with your buyer/tenant. Hope this helps.
I have a home equity line of credit on my personal residence. Interest rates are very low now. I am finding an abundance of used manufactured homes in excellent condition at very low prices.
Private owners are finding it very difficult to sell because of the credit crunch. The typical MH buyer just cant get a loan at this point in the economic madness. Even the most motivated sellers are stuck waiting, so low cash offers can clinch some very nice units.
The home equity line lets me operate like a cash buyer and write a check when ever the right opportunity arrives. I’m not bogged down submitting applications and waiting for stipulations every time I get an opportunity to fill a vacant pad
Post Edited (11-15-09 16:34)