Does anyone have any guidance / recommendations on financing a deal with single-family homes. This was brought to me as an off market deal with sellers being ready to retire. All of these properties are in rural areas but the seller wants $250K total for the 4 homes. I wanted to ask here first but I have a feeling that most banks will not finance a mobile home so is it safe to assume that using this method of a package deal is how real estate professionals offload mobile homes?
I'm hoping to just do a business loan with 80% LTV on the 3 brick/mortar homes and hope that those 3 appraisals cover the $250K purchase price. At that point, I'm assuming the seller will just include the mobile home in the package because they will have their money and the bank is satisfied with the other 3 appraisals? Any guidance or advice on this would be greatly appreciated. Thank you!
@Landon Evans Most times, the mobile home would be disregarded if personal property and not attached to the land. As for offloading mobile homes, it can be marketed to the right buyer depending on the market supply and demand in the area.
You can ask the seller about the mobile home to see what they want to do with it. Explain what you're running into when it comes to lenders. Most traditional lenders will not finance a used mobile home.