So hard to find funding for mobile homes?

[Maynhia Stott]

Hello, I'm venturing into mobile buy and hold and I have yet to find a lender that would lend on mobile homes...It seems that the requirement is for the mobile homes to be attached. How about if you buy mobiles that you want to rehabbed and then find a buyer before moving the homes to the location where the buyer lives. The lenders I talked with seem to have never heard of that concept. But it just make sense...why tie yourself to a park when you have buyers all over that state who wants to buy your mobile home?...Hope you can advise me on that and maybe direct me to some lenders. Thank you. 

[Ken Rishel]

Originally posted by @Maynhia Stott:

Hello, I'm venturing into mobile buy and hold and I have yet to find a lender that would lend on mobile homes...It seems that the requirement is for the mobile homes to be attached. How about if you buy mobiles that you want to rehabbed and then find a buyer before moving the homes to the location where the buyer lives. The lenders I talked with seem to have never heard of that concept. But it just make sense...why tie yourself to a park when you have buyers all over that state who wants to buy your mobile home?...Hope you can advise me on that and maybe direct me to some lenders. Thank you. 

 There are a number of lenders who will lend purchase money to someone who wants to buy and live in the home. What you are talking about, I think, is a commercial loan to you. Those lenders also exist, but, not only are they different lenders than the ones who loan to owner occupied, they have different requirements to qualify. They are also loath to lend to someone who is doing one home at a time because the loan amounts are too small. You need a private individual who believes in you to loan you the money knowing that another lender will pay them off when you sell the home.

You are going to need an Executive Summary and a Business Plan to persuade them to put up the money unless it is someone very close to you.