Mobile home lenders

[Terry Drake]

I have been on a quest to find a lender that will loan money on an investment property not owner occupied. I found one lender that might with 30% down, 20yrs, 9% interest.

Can anyone suggest a lender that has worked for them in the past? It seems no one trust us dirty, baby eating investors. :D

If I went with another investor for a higher return then the bank, what terms would be fair but worth while and is there anything that I should look out for?

I am still looking but was wondering what you guys do. When I find some helpful information, I will post it here for others to read.

Thanks!

[Terry Drake]

Alton, I almost had one that would accept 10% down, but it fell through because the deal I am working on is only 15k. He said that the minimum for them to put ink on paper is 30k. If my property was 30k it wouldn't be a problem.

I'm talking to another company that will do it, but they want me to come to closing with almost 6k! That's ridiculous IMO.

I just opened an account at a new local bank.. in the next few days I will go in and talk to the loan department, and hand them the package I have put together for the property.

Jeff T. (Founder of the SW FL REIA group on bigger pockets) sent me a great income analysis spread sheet that helps crunch numbers on income producing properties. (THANKS Jeff!)

If you (or anyone) are interested in that, drop me an email and I will send it over.

Also, if you are interested in the mortgage broker's name/number I can give it to you, but like I said, I am not excited about the fees I will be charged! FWIW I have excellent credit and I'm still getting the ol' run around.

One last thought, Wells Fargo will loan on double wides on real estate. I never thought I would have this hard of a time getting approved for a $100/month loan..

Ah well.. it is what it is. Don't give up and keep making calls/moving forward! Good luck!