Offering seller financing on mobiles on land

[Patrick Sears]

Hello,

Had a couple of questions on the current MH seller financing market:

1)  With all of the subprime lenders that appear to be offering low-down financing on owner-occupy mobiles (especially on land) is there still a demand for offering seller financing on mobiles on land that I might want to fix up and offer to sell on terms?  Or should I forget about that business model and just get good at hooking up my buyers with these specialty lenders and cashing out immediately?

2)  If I am still able to create a steady flow of seller-carry paper for these deals, are there any note buyers interested in seasoned mobile home on land paper?

Thanks!

[Patrick Sears]

@Bob Malecki thanks for the reply!  Some of these lenders advertise FICO below 600 and 5% down, but I guess I can still offer it and they can either take my financing or I can get cashed out immediately.  Either way, not a bad scenario!  

I plan on using an MLO (or taking the test myself) for these originations, and then sharing the risk by selling partials to get my money back out.

P.S. I'm from Everett and have taken the Kingston ferry many a time.  Sister lives in Pt Townsend.  Beautiful area but getting crowded!

@Marco Bario thanks, Marco!  I Googled Andy Teasley and have a podcast already queued up for tonight's drive home!