Posted by Ernest Tew on August 17, 2003 at 11:47:02:
It is very difficult to find institutional lenders that will that will buy mobile home paper.
We have found that the best way to raise cash is to borrow it from individuals at a reasonable rate and secure the loan with a first lien on the mobile home. That way, the investor has your personal guarantee and a first lien on the property–with no liability in the event of a lawsuit.
Mobile Home in Park - Posted by M.M.
Posted by M.M. on August 13, 2003 at 02:36:43:
I’m the Note Holder for a Double Wide Mobile Home located in Mobile Home Park in California. The contract began in November of 2002 with a Purchase price of $14,500.00, and a $1600.00 down payment. The balance of $12,900.00 is being carried for 35 months at 7.50% interest with a balloon payment of just under $6300.00 due 11-01-05.
The buyer has been making the monthly payments on schedule for the past 9 months, so there is some degree of seasoning to the Note. My question is: how marketable the Note is when the home is located in a Park where the lot is rented rather than owned? I noticed a number of sources that will consider purchasing Mobile Home Notes if land is included, but wondered where to look for others that deal with notes on homes on a rented lot?
Any help is appreciated,
Thanks