MH Financing Blues
I have a friend who owns a mobile home in New Jersey. She wants to move and and has had the house on the market for a few months. She has had several offers, but they cannot get a mortgage because of credit issues. My friend tells me that not many companies offer MH financing and the ones that do want "A" credit borrowers. The home is in excellent condition and has actually appreciated because of the improvements she has made. Does anyone know where she can find financing for potential buyers. :-?
Private investors, and she'll have to find good buyer with decent income and credit...maybe not A credit, but good enough so as to make the lender comfortable that he/she's not going to have to repo the MH.
IF the home is attached to land, your friend can use temporary owner financing to create two first liens at close, a first to be sold at close CASHING HER OUT (plus the down payment) and a second lien to carry back to term.
The combo of the DP and first lien sale cash proceeds would need to be more than the underlying lien to retire it completely.
Hope this helps, Dave Hayes
I've used a private investor who may be able to help your friend. I sold three mobile home notes to him, two of the three note payers had lousy credit scores. He is located also in New Jersey.Phone(908_447_7397)