help to find lenders for older mobile homes - Posted by j.s. in Calif.

Posted by Dr. Craig Whisler CA on April 18, 2002 at 19:19:43:

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help to find lenders for older mobile homes - Posted by j.s. in Calif.

Posted by j.s. in Calif. on April 18, 2002 at 11:21:08:

Hello to the Dr. Whistler and the other members,

Just bumped into the MH message board here at creonline while searching for lenders. I do real estate rehabs and have recently been doing rehabs of a few mobile home fixers in parks and private land, done 2 two in parks and one current deal on land. It is clear to see Doc that you have actually been out there doing it for a long time now, as I was involved in a park lien sale situation on one the homes. I wonder if you or the other members might help me find some lenders for this other one.

This current one on private land is in a tract of lots developed specifically for mobile homes in SW Bakersfield, Calif so all the houses on these 4 or 5 streets are mobiles on their own lots, however, this was one of the only ones not on perm foundation and it was quite old and run down so I got a good deal on it.

I have fixed it, put it on perm foundation with city permits, and it has attracted some potential buyers but now have run into a problem I did not forsee. It is older than the 1976 age limit that banks and government lending programs are willing to lend on, its a 1974 Fleetwood. Can you direct me to a few lenders who will do a perm foundation loan on older but totally refurbed Mfr Homes?

Would appreciate any insight or info you and the other members might have.

Thanks.
J.S.

Re: help to find lenders for older mobile homes - Posted by Karl (Oh)

Posted by Karl (Oh) on April 18, 2002 at 22:44:43:

J.S.,

Try “mobilehomeloancompany.com”. That’s my broker for getting bank loans, she can do loans anywhere.

Karl Kleiner

Re: help to find lenders for older mobile homes - Posted by Dr. Craig Whisler CA

Posted by Dr. Craig Whisler CA on April 18, 2002 at 12:05:34:

J.S. you will need to try hard money lenders in the Bakersfield/Fresno areas. Only local ones will do this for you becuse they want to drive out and loak at you secutiry before making you a loan on it. Try typing “hard money” in the search engine and hope some of my old posts on this subject show up. If not get comfortable and wade through all of them. You should find at lest a dozen posts on this subject. If that doesn’t help, call me (after doing your homework). (909)-662-5851 or e-mail me at craigwhisler@webuniverse.net

Regards, doc

Re: help to find lenders for older mobile homes - Posted by Skip (CA)

Posted by Skip (CA) on April 18, 2002 at 13:47:03:

Hey Doc:

Does the 1976 rule apply to land/home packages for conventional loans? It seems funny when you can get a conventional loan for a 1920’s stick built home. Just thought I’d ask. Thanks!

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