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Updated over 7 years ago,
Mortgage for Doublewide Manufactured Home Investment Property
I own a doublewide manufactured home manufactured in 1978, but totally renovated inside and out in 2015. It has been permanently affixed to approximately an acre of land, and it is on a permanent concrete block foundation. It is an investment property and is currently rented out for $1000 per month. It is located in Georgia, and I estimate it's value around $140k. I was considering doing a cash-out refi of around $100k, but am having a very difficult time finding someone interested in loaning the money. I do not really need the money and am not interested in high interest rate products (anything above 6-7% would probably not interest me). If I was able to borrow this money, I would probably use the proceeds to purchase other properties. Has anyone had success in doing this type of loan? If so, could you share your experience and where you might have been able to obtain this type of loan? Thank you.