Financing for Multifamily with Manufactured home
I am looking at a deal right now that I would like to finance, but it has a manufactured home on the site. Conventional financing, which I have qualified for, won't fund a property with a manufactured home.
The property is in Washington State.
One more wrinkle, I live and work overseas, so my income comes from non-US companies.
I have called a few portfolio lenders in WA and most of them are having problems with the manufactured home or my resident status.
Any suggestions on financing? Banks that might consider this or other sources?
Most Popular Reply
Hello there...
The manufactured homes are the kiss of death -- since they are depreciating asset ...which means every year they are worth LESS not more......and mobile ...means you can load them on a truck and drive away...LOL!!
Any mobile before 1878 -- can not get financing since the high use of lead paint and asbestos insulation ...Google 1978 mobile homes...
We will finance a mobile home park as a commercial loan ...but given their low values and the unique issues they have ...I won't touch them -- despite the lenders that say they will.
Life is too short...
Travel well
Richard