Posted by keith hutson on July 06, 2003 at 22:08:30:
You may want to email me. I may have discovered a private money source that is intersted in purchasing notes, this sounds like it would fit into his parameters.
Keith
Financing - Posted by David
Posted by David on July 06, 2003 at 20:25:10:
I have been placing modular homes on lots with permanent foundations for the past year and I have been doing good steady sells. I am in Tennessee and I would like to know if there is anyone that buys these notes. They are modular homes, but when you place them on permanent foundations you loss the title and it converts to a Deed of Trust for the whole entire thing. I have an opportunity to increase sells by 100% if I can do owner financing. Does anyone finance these types of notes?
Thank you,
David
Re: Financing - Posted by JT-IN
Posted by JT-IN on July 06, 2003 at 20:48:27:
David:
Yes, there are Lender’s who would purchase your notes, however seasoning and other issues may factor into the price and discount that you may receive. You may want to address this question on the Note forum, of which the regulare posters would be better equipped to provide a solid answer.
In your owner financing are you doing Contract for Deed financing or a Deed of Trust…? If you are still on title, and are selling on CFD, then you would be able to secure commercial financing from a local Bank, pledging the proeprty as collateral. Of course you would be limited to some LTV ratios here, but this could work quite well, unless you have conveyed the property by Deed, and have taken a Deed of Trust as security.
Even still, you would still be able to pledge these Deed’s of Trust as collateral with the right lender. This of course wouldn’t be every Banks cup of tea, but there would be takers… You will need to package this as a concise presentation, then meet with Bankers briefly, asking for what you want and providing enough substance to justify a further look see on the part of the Bank.
Just the way that I view things…
JT-IN
Re: Financing - Posted by David
Posted by David on July 06, 2003 at 21:19:16:
David I am in TN also, I know a guy here were I live doing the same thing, however he was getting them FHA approved and selling them to first time home buyers and people like that for like $300 down and he his making a killing. Just an idea good luck
David Powell
Tennessee Home Buyers, LLC