Is there a way to finance a mobile home without foundation??

[Ali Kassam]

Hi BP,

i own a mobile home park in New Mexico.  I fully renovated the first trailer using my own funds, and now the unit looks like a brand new home (ultra modern).  

I'd like to be able to keep the trailer as a rental, but I'm not sure if I can get a loan against a mobile home that's not on a permanent foundation.  The home can rent for anywhere between 1000-1200/mo.  

can I get a loan strictly against the rent?  What about the high debt service ratio? 

[Rachel H.]

@Ali Kassam You may want to check around to see if any of the lenders that local mobile home dealerships or mobile home parks in the area may lend on this type of home. It will depend on the lender. Also, you can check small banks and local credit unions to see if they're willing to lend on the deal. It will be on a case-by-case basis.

If not, you can try to find a private lender or bring a partner in on the deal. 

Hope that helps!