Finding a lender for a single wide mobile home - Posted by Cindy Devine

Posted by Cindy Devine on August 10, 2003 at 16:12:36:

Hi John,

Thanks for the advice. I have posted a email with the local investors group here in Sc and may have a buyer or someone to finance our tenant.

Cindy Devine

Finding a lender for a single wide mobile home - Posted by Cindy Devine

Posted by Cindy Devine on July 28, 2003 at 15:37:38:

Hi Everyone,

I have a older sw mh that my current tenant wants to buy. I am having a hard time finding any lenders that will do sw mh anymore.

Does anyone know someone that still does. I am in Anderson, Sc and no luck here.

Any help would be greatly appreciated!
Cindy

Finding a lender for a SWMH - Posted by John Merchant

Posted by John Merchant on August 03, 2003 at 10:50:32:

I’d recommend you find some local pvt investor and offer him/her this deal. See if some investor you know might not like to have this @ 8-12% or so, and you keep the rest. If you then make the deal with the MH purchaser & charge him/her 12% or more (maybe NO usury rate on MHs in that state, as in WA)

I’ve been making loans on already set up MH sales here in my neck of the woods, and frankly I like them better than straight “Lonnie deals” for the here & now.

Just think: the deal’s already made, the MHP has accepted the buyer’s credit, they’ve agreed on a price…so 90% of the work’s been done. I just go in and furnish the financing at my required yield and for me, it’s a very quick deal with no waiting, advertising, finding & screening buyers, etc.

I’ve got a ready list of investors who want these loans, and this can be done anywhere. Investors in every state want more than the bank’s paying on CDs, and also don’t like the stock market volatility.