Mobile Home Friendly Lenders in Texas

[Blake Ramsden]

Good afternoon everyone,

I'm looking to do a cash out refinance on my 15 acre property that currently has two mobile homes on it. I occupy one as my primary residence and the other is a rental, this is my only property. My intent is to pull out some of the significant equity I have in order to fund my next investment. I've run into difficulty finding a lender that will do a cash-out refi due to the mobile homes and was hoping to tap into the BP pool of resources, if any of you know of or have used a lender that I can contact for this unique type of loan. 

From my experience so far the mobile homes are the kicker, they're like kryptonite to banks for some reason. I have excellent credit (800+), excellent DTI, stable work history, and plenty of equity and am only asking for a 30% LTV cash out. I have been through 10+ banks/credit unions that tell me they can't help me.

Property was appraised at 450k (not including value of structures), currently owe 63k on an AG land loan with a 4.65% rate. Would like to refinance for 135k, possibly more depending on the available terms/rates. 

Appreciate any suggestions or contacts!

[Paul B.]

Agree that a community bank is your best bet. I had a call with a bank around the corner from a 25-unit MHP and they were very willing to discuss 80% LTV. Now, that's purchase-money and a shorter bullet than you're after, but I still think a community bank is where you'll get this done.