Where Would I Get Financing For This One?
I have a scenario that I need to get some advice on from you all.
I recently purchased a property in presale foreclosure in Eastern San Diego County. The house is in a great area on 2 acres of land sitting on top of a hill overlooking the town below. The views are to die for!
Now, here is the situation. Firstly, the home is a double wide manufactured home with permanent foundations. It is about 1600 SqFt and has been fully rehabbed (by me). It is in excellent condition. The house appraised late last year (before the rehab) at $459,000. A local realtor I trust believes the home could sell now for around $480k.
One of the issues is that there is no town water in this part of the town. The well on the site has also dried up and it will cost about $30K to drill a new well and new pumps, etc. (1200 ft for the new well).
The good news is that the residents in that area are all getting together and organizing town water. The feasibility study is underway. The local water board anticipate town water will be available to the residents within 12 months.
So my situation is this. I am looking to refinance the liens on the property that I took subject to. All in all, there is a 1st of about $220k, a 2nd of $20K, a 3rd judgement lien of $15k and a 4th owners equity lien of $25K. So all up about $280k in liens.
I need to refinance the property for about $345K (75% LTV).. My credit is average with about 680 Fico. My plan is to hold the property for about 18 months or until town water is available (adding at least 100K to the property!)..
Conventional lenders wont touch this: Non owner-occupied manufactured homes scare them.
So how can I get this financing done with the best rates for me to hold for 1-2 years?
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