Chattel lenders - financing for 10+yr old homes (?)

We have a few very nicely rehabbed homes that look brand new (even though they are 15-20 years old)

A few prospects have shown interest in buying with 10% down - they have good credit (630-700 FICO)

Are there any Chattel lenders out there doing deals with only 10% down on homes over 10 years old?

Any help or guidance is appreciated. Thank you!

There is considerable information needed to answer that question accurately.

  • What state(s) are the homes located in?
  • Are the homes multi section or single section?
  • What is the quality level of the community the homes are located in? (1-5 star)
  • Is the community in a highly desirable or special area? ( The Keys, Ocean Front, Ski area, etc.)
  • Are the homes metal on metal or something else that is area appropriate?
  • What is the average selling price of the homes in question?

A 10 year old metal on metal Belmont 14x70 in rural Mississippi selling for $10,000 is not a prime candidate for an outside lender to finance. A pre HUD Code 12x 60 that has been completely made over that is in San Diego in a 3.5 star community selling for $70,000 is a strong candidate for financing.

There are 3+1 national chattel lenders. There are over 100 local and regional lenders. Some of those regional lenders have very area specific criteria. The smart lenders also have standards about the communities they will make a loan in, and the communities they won’t regardless of the home or the prospective borrowers.

If you give specific criteria, you might get the answer you need.