Financing a mobile home in Texas

[Peter H.]

Hi,

May I have some suggestions as of how I can finance a mobile home fixed in a lot in Texas? Tax record of the lot includes the structure. I have it as seller financed at the moment, and looking for options to re-finance.

Thanks

Peter

[Ken Rishel]

That really means you are looking for commercial financing. Assuming your credit is in good order, I would talk to a local (in the same area as the home) bank using a mortgage on the home and land as collateral. They will also want to assure themselves of the certainty of the rental amount and your ability to originate and service the rental in some manner if you are going to need that income figured into their ability to repay calculations. You should have at least a two page business plan already prepared before approaching them.

None of this should be very difficult. Remember - a local bank or credit union because regional and national players are going to be less interested.