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Financing a newer model single wide

Posted: Sat Dec 08, 2018 1:09 pm
by Hook2.0
Property we are selling has a 1999 model super single on it. Nice enough place. We don’t want to be waiting on the right cash buyer though. Does anyone know of a company that will loan on a single wide on 5 acres? That way we can refer potential buyers to a loan originator

Re: Financing a newer model single wide

Posted: Sat Dec 08, 2018 2:10 pm
by jltrent
Hook2.0 wrote:Property we are selling has a 1999 model super single on it. Nice enough place. We don’t want to be waiting on the right cash buyer though. Does anyone know of a company that will loan on a single wide on 5 acres? That way we can refer potential buyers to a loan originator


When I worked in the banking business, as some banks/financial institutions don't like to loan on mobile homes, but it was more about the buyer.

We usually went by the 5 c's and a good down payment.

Capacity

Capital

Collateral

Conditions

Character



https://www.bankofamerica.com/smallbusi ... of-credit/

Re: Financing a newer model single wide

Posted: Sat Dec 08, 2018 4:32 pm
by Hook2.0
jltrent wrote:
Hook2.0 wrote:Property we are selling has a 1999 model super single on it. Nice enough place. We don’t want to be waiting on the right cash buyer though. Does anyone know of a company that will loan on a single wide on 5 acres? That way we can refer potential buyers to a loan originator


When I worked in the banking business, as some banks/financial institutions don't like to loan on mobile homes, but it was more about the buyer.

We usually went by the 5 c's and a good down payment.

Capacity

Capital

Collateral

Conditions

Character



https://www.bankofamerica.com/smallbusi ... of-credit/
things have tightened up a bit after the last fiasco.

Re: Financing a newer model single wide

Posted: Sat Dec 08, 2018 5:10 pm
by JMJ Farms
Local bank(s) would be the best chance. Majority of major mortgage companies won’t even entertain the idea.

Re: Financing a newer model single wide

Posted: Sat Dec 08, 2018 5:23 pm
by slick4591
Goggle led me to several lenders that do mobile/manufactured homes. That's the best I got for you.

Re: Financing a newer model single wide

Posted: Sat Dec 08, 2018 5:26 pm
by Hook2.0
slick4591 wrote:Goggle led me to several lenders that do mobile/manufactured homes. That's the best I got for you.

What a guy! :lol:
I forwarded the google links that seemed relevant to the realtor. :lol:

Re: Financing a newer model single wide

Posted: Sat Dec 08, 2018 5:29 pm
by slick4591
Hook2.0 wrote:
slick4591 wrote:Goggle led me to several lenders that do mobile/manufactured homes. That's the best I got for you.

What a guy! :lol:
I forwarded the google links that seemed relevant to the realtor. :lol:


Man, I'm here for ya! :nod: