Investor Lending For Manufactured Housing
I am looking for lending sources for manufactured housing (land/home packages) in Texas. Prefer stated programs with the highest LTVs I can get. Any suggestions? I've been contacting brokers and banks daily, but as I'm sure most of you are aware, most of these lenders have stopped lending on MF homes.
Due to the high foreclosure rates on DW's and manufactured housing, as you stated, most of these loans have dried up for the time being, especially investor-type, stated income.
IF you find one, the rate and terms will probably be too high to make a profit.
In a couple of years, this lender shortage will correct itself, and he how holds the property will make the cash.
Under current conditions, any lender financing will require good to excellent credit. Smaller local banks would be the best choices. Alternative finance options are a cash or credit rich partner, private funds, lines of credit, equity lines, or HML.
Know that you'll be owner financing/leasing/renting these babies out for a few years simply because of the current lender problems. However, that and the amount of foreclosures make for some very good buys.
Roger