Posted by Lynn on February 14, 2000 at 10:20:21:
There are not too many banks that will lend money on a lease hold lot. My experience has found the following.
Try and get owner to carry the note. In most cases these properties are free and clear and the owners are retired and need the steady income.
The other possiblity are local banks closest to the deal often will lend money, but it will cost you!
I have had success in using both methods. First get the owner to carry and a year or two later go to the local lender for cash and offer the seller cash for a discount on the note they are carrying. I am sure there are many other ways, the above has been my experience.
Thanks
Lynn