I’ve just purchased my first mobile home and looking to sell it pretty soon as I’m getting several calls about it. There are other people in the same park who want me to buy their homes, however, I can’t do another without the help of private lenders. I’m willing to pay 8% interest (5K or less investment).
I’d suggest you offer a higher interest rate, and possibly some recourse (lien on title maybe?). Savvy private lenders on MHs can get a much higher rate than 8%.
When I was starting out I offered my investors 50% of my profits, so they were getting very high rates of return, but I also had money. I now offer those same investors around 14.5% with personal guarantee, full recourse and title lien. The point for me was to find the money fast, and to do what I said I was going to do.
Don’t forget to check with personal friends, or others who know you and might find 8% a great rate. Just make paying them back your highest priority- above eating.
If 8% is your number, try Prosper.
People with AA rated credit are borrowing now at an average rate of 10.27% but it is done on a bid system. As the borrower you enter the max rate you want to pay. Who knows, try it and it might fly.
Depending on your FICO