Hard Money Lender for Manufactured Home

[Eric Davis]

I am looking for a lender who can offer a hard money loan on a manufactured home in North Carolina. Can anyone help me? 

[Mike Klarman]

These are tough to fill.  Some may do it but they'll have a gaggle of guidelines, conditions, restrictions to the program.  Very hard to find though.  Those, mobile homes, and even condos are really tough assets to find financing for.  Condos you find but dealing with HOAs are dreadful.  They are either super slow or down right unresponsive and they need to be part of the process for the purchase/refi of a condo.

[Erik Estrada]

There are DSCR loans for manufactured homes, however I have not seen hard money loans.

[Gary Tucker]

Hi Eric,

I can look into this for you, just need some more details. 

Is the home a singlewide or doublewide? 

Is the land owned with the home?

What is the purchase price or estimated value?

These details let us know the right direction to start looking. 

[Rachel H.]

@Eric Davis You may want to check with your local real estate investment club. There may be investors there who have contacts and referrals. 

Another option is to check with your local manufactured housing association. I've known other investors to use hard money when purchasing mobile homes and parks. Usually, they get their contacts through these routes and by being in the industry. 

Best of luck! 

[Simmy Ahluwalia]

@Eric Davis - we can fund rehab for manufactured homes, but there are guidelines around this.  Please reach out and let's discuss.

[Adam Schneider]

@Eric Davis

Are you looking for a private, hard money, or long term lender?

[Mike Klarman]

So, it is very hard to get these done.  I've tried once for a client and I couldn't get it done but I did come across Chatel Loans.  Chatel loans are used for mobile homes, and manufactured homes, etc.  The rates weren't great last I checked and they were like 15 year terms.