Hard/Private Money Lender for MHP

[David Denzy]

Hello MHP investors,

Has anyone ever used a hard money lender for a MHP? If so, any recommendations or referrals that you can point me to would be great. Also, if you'd like to share ltv/rate/terms that you've received that'd be helpful. Please let me know. 

[Frank Rolfe]

We've never used hard-money lending, but I've heard plenty of stories -- both good and bad (mostly bad).

Make sure that you do not get involved with a "loan to own" hard money lending group, in which they actually want you to default on your payments so they can take the property away from you. Instead, you need a group that is aligned with your goals and wants you to succeed and not fail.

The moral is to do plenty of research on who you would be borrowing from -- call their references and ask them plenty of difficult questions.

The lender and borrower must be identical in their vision of success for any relationship to work properly.