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Updated over 9 years ago on . Most recent reply

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16
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Rafael Medrano
  • Real Estate Agent
  • Midland, TX
0
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16
Posts

Any recommended lenders for investing in MHs in Texas or National

Rafael Medrano
  • Real Estate Agent
  • Midland, TX
Posted

I'm sure this question has been posed before but with 1,126 discussions in the forum i think this might be the fastest way to get the most accurate information; seeing as how lenders are constantly changing their criteria and products. I would like to buy used mobile homes in existing parks and resell them as owner financed deals. I'm familiar with 21st, Triad, and CUFB/Mountainside. The problem with these guys is that they only finance primary and secondary residences to individuals, no investor financing. Even when i find a lender willing to give me a loan I'm worried about how many loans they allow you to carry at a time. For example: if i buy a unit today and next week i find another one and the following week i find yet another one, would the lender give me 3 separate loans or are there lenders out there that would extend something similar to a personal line of credit? For example would they grant me a $100,000 loan that i could then turn around invest however i want at my discretion, whether it be in 2 new units or 20 used units as they become available? New to investing but I see opportunity starting out in this niche, especially in my area. Any feedback would be very helpful. Thank you in advance.

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