You posted this question on the Mobil Homes site on this board, Lyle asked what your market thought about the rate. Mobil Homes are hard to finance at any rate, very high foreclosure rate. This is not a bad rate for such a high risk loan.
I suggest you send this guy a deal or two and see how it goes. If you can find a better rate then change, if your buyers are willing to pay this high rate go for it? I suspect your going to have allot more ?C? and below buyers than any other. ?A? & ?B? credit buyers can get 100% LTV on site built homes.
I am a newbie at this and I am selling new double wides on 1 acre lots. The pre-development appraisals are 103,000 and I am selling for 100,000 to 102,000. I’ve just started advertising last week, and I’ve only had one response from an investor who gave me his program specifics. The investor said that A credit LTV/INT Rate is 80-15-5 9.5%, B Credit LTV/INT RATE 80-15-5 9.75%, C Credit LTV/INT RATE 70-20-10 10.75%.
I really want to know if these are good program specifics or should I look else where.