| Jeff Strickland 2005-09-14, 6:21 pm |
| Mobile homes are difficult to lend on, many lenders have backed out of the
market. There are a few that will lend on a manufactured home, the lender
requirements are tha tthe home is on a permanant foundation, it was built
after either 1976 or 1978, I forget which, and it has to be on land that is
owned, not rented as in a park.
It sounds like your client meets these rules, witht he exception of the
foundation. You didn't tell us enough to know, but I assume the unit is on a
foundation, not on wheels and jack stands.
Your loan is very small though, and this may present problems because there
isn't much profit in a loan that is this small.
"travlinjohn" <johnwhiteheatingair@earthlink.net> wrote in message
news:1jfUe.7751$4P5.2479@newsread2.news.pas.earthlink.net...
> I'm new in the business and have a client wanting to buy a lot with a
> single wide attached. Need $20,000. Lot alone
> should appraise for $20,000. Located in North Carolina. in a rural
> neighborhood mixed with both standard and mobile homes. Anyone have a
> source?
>
|