Posted by Barry (GA) on May 23, 2006 at 12:24:53:
Have you talked to any of your local banks? Not the “person in the lobby” as Tony says but the actual decision makers? Might be a good opportunity for you to establish a relationship that can help you in the future. If that doesn’t work then you might try 21ST Mortgage.
https://www.21stmortgage.com/web/century.nsf
Good investing,
Barry
Nice unsecured skirted doublewide - need cash out - Posted by Brenda Whittaker
Posted by Brenda Whittaker on May 23, 2006 at 12:00:48:
Got this really nice 1997 doublewide mobile home on one acre, fixed up in tip top condition. Paid cash to get it done fast, got a great deal. I’d like to pull the cash out but I know it’s nearly impossible to find financing for a mobile home that is not affixed to the land - not on a foundation. Anyone know of where I might look for financing to pull out cash? I only need 60% - 70% LTV.
B. Whittaker
Re: Nice unsecured skirted doublewide - - Posted by Anne_ND
Posted by Anne_ND on May 25, 2006 at 06:22:25:
One of the big money-making things I learned at the bootcamp was that the mobile homes affixed to land that Tony and Scott do have cinder-block skirting- that is, it appears the house sits on this foundation, but really the MH is just floating above it. It’s not really a foundation at all, just put there to reassure bankers who want to lend money against real estate. I believe the title to the MH is retired, but the “foundation” is just for show.
Depending on how gullible your local bankers are, this could be a cheap way for you to pull out the 60-70% you need, or maybe even more.
look in the archives for more info.
Anne