Financing in a Mutual Homes Corporation?

[Anthony Barbato]

How would you financing the following deal?

Link to the MLS listing: https://maxebrdi.paragonrels.com/publink/default.aspx?GUID=c9c52ad1-8a62-4aa3-b3d6-b032ad83c945&Report=Yes

The property at 339 W Chanslor Ave is in a mutual homes corporation. In exchange for purchasing the share of stock, the owner can live in the unit. Typical banks will not take a mortgage on these units because the property remains in possession of the corporation.

The only lender that I know of is the Atchison Village neighborhood credit union. They will lend up to $65k as a personal loan towards buying a property in the neighborhood.

Is it possible to take out a loan from a private investor at 61% LTV? Here is an example:

170k asking price

-65k personal loan from credit union

-105k loan at 61% LTV from personal investor

Let me know how you might finance this deal in order to make it work. Thank you