Second mortgage

mobile home university
1

I have a MHP under contract in Texas. Can you please let me know of sources/lenders for taking out a second mortgage on the downpayment?

Thank you.

2

That gets into the world of ‘hard money’ which gets expensive (2 - 5 points up front, 15% interest rates). You can find many such loan sharks, er, I mean hard money lenders, on LinkedIn by searching for just those words. Google around on the web too. But your best/cheapest bet is probably going to be friends & family.

-jl-

3

Thanks.

4

The place I like to go for seconds are- the seller. If you really understand terms, and if the exit plan works right for the seller- this is really a win - win. They keep some of the income they are addicted too, and you have no problem qualifying at a good rate.