Small loans equity based vs. income

[Preston Fennell]

Hey People with plans. Good to be here. Got stuck working for the enemy and have recently broke free. We sold our home up in NW WA state and lowering our overhead is what we were shooting for. I have a marketing plan for doing some wholesale artwork on the internet. I also can do some traveling industrial work when needed. Here in northern CA there are quite a few Mnf homes on property. My original plan was to put about 40% down on a pre 76 mnf and have owner carry the rest. My plan was to put a later model mnf home on down the line, but recently found out that if I do that, banks won't finance on it, even if it's a newer used model. Apparently if a mnf home is not on it's original foundation... no bank financing. Checked a number of sources and am convinced that is true.

So about financing... If I wanted to flip a place I could probably get hard loans based on 40% down, LTV on the property, good fico, low debt, even without income. What about a longer term loan. Is it possible to find a non conventional loan based on me putting up 40% or more and property value, even with no income. I have some feelers out there but the income part seems to be sticky. Between my down and just the property value, there seem to be plenty of equity, maybe private doesn't want to tie up 50k for 7-8 % long term. I will eventually find owner financing, but I have been seeing some cash deals that I would have jumped on. Do you think that the income has to be more verifiable, if it's 20 or 30 yr term? Is it just to small for them to care about? Thanks for letting me ramble. Info or input appreciated. Preston.