Does anyone know of any lenders/banks offering financing on single mobile homes on a rented space for an owner occupant?
Dodd Frank has killed off Lonnie deal lenders (private investors) in rented land parks.
You might look up the local mobile home sellers / brokers for who lends. I have heard there is a year cut off that if the home is older than XXXX no lending..
I'd like to know if you find a bank/lender because I'd like to call them for their foreclosure list for land-home properties in GA.
There used to be a lender called Loan Junction that did loans on mobiles. I will have to Google it.
Vanderbilt Mortgage and 21st Mortgage both do.
There are many vendors out there, wish there were only a few it would make selecting one easier. I'm actually also looking for a company and preferrably a single one that will provide all the loans in my park. Below is a list of lenders that will provide chattel loans:
Oxford Bank & Trust
Precision Financial Corp
PNC Financial Services
Triad Financial Services
Let me know what you decide, some have returned my call and some haven't. So far finding a lender hasn't been easy.
Sometimes the parks and the mobile home dealerships will have a list as well. Hope that helps!
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