You can’t use commercial loan on private property?
Member since 2020 · 25 posts · 1 vote
Hello. So I was looking at one of the mobile home parks in and realtor told me it has to be hard money loan or cash since it’s private property. I’m little confused. I can’t buy private property with a loan? If not then why so? Isn’t your home that you are selling is private property and people that buy it use loan? That mobile home is not full mobile home park it’s just they selling certain amount of units. Can someone explain please?
Hello. So I was looking at one of the mobile home parks in and realtor told me it has to be hard money loan or cash since it’s private property. I’m little confused. I can’t buy private property with a loan? If not then why so? Isn’t your home that you are selling is private property and people that buy it use loan? That mobile home is not full mobile home park it’s just they selling certain amount of units. Can someone explain please?
Junior,
Tell your realtor to stay in his lane of expertise and let the lenders answer loan questions.
Commercial lending is basically none owner-occupied lending. It can finance any type of property.
You will need a niche lender who does manufacture homes. Not all lenders touch these transactions.
"That mobile home is not fully mobile home park it’s just they selling a certain amount of units. Can someone explain, please? "
So you are buying a single mobile home in the park. Not the entire MH park. It's like buying an apartment, not the building.
Hello. So I was looking at one of the mobile home parks in and realtor told me it has to be hard money loan or cash since it’s private property. I’m little confused. I can’t buy private property with a loan? If not then why so? Isn’t your home that you are selling is private property and people that buy it use loan? That mobile home is not full mobile home park it’s just they selling certain amount of units. Can someone explain please?
Junior,
Tell your realtor to stay in his lane of expertise and let the lenders answer loan questions.
Commercial lending is basically none owner-occupied lending. It can finance any type of property.
You will need a niche lender who does manufacture homes. Not all lenders touch these transactions.
"That mobile home is not fully mobile home park it’s just they selling a certain amount of units. Can someone explain, please? "
So you are buying a single mobile home in the park. Not the entire MH park. It's like buying an apartment, not the building.
But there are properties that can be purchased with commercial loan when they are people living in it am I correct? Like big apartment units?
Hello. So I was looking at one of the mobile home parks in and realtor told me it has to be hard money loan or cash since it’s private property. I’m little confused. I can’t buy private property with a loan? If not then why so? Isn’t your home that you are selling is private property and people that buy it use loan? That mobile home is not full mobile home park it’s just they selling certain amount of units. Can someone explain please?
Junior,
Tell your realtor to stay in his lane of expertise and let the lenders answer loan questions.
Commercial lending is basically none owner-occupied lending. It can finance any type of property.
You will need a niche lender who does manufacture homes. Not all lenders touch these transactions.
"That mobile home is not fully mobile home park it’s just they selling a certain amount of units. Can someone explain, please? "
So you are buying a single mobile home in the park. Not the entire MH park. It's like buying an apartment, not the building.
So what kind of loan I should be using?
You need a manufactured home lender
Hello. So I was looking at one of the mobile home parks in and realtor told me it has to be hard money loan or cash since it’s private property. I’m little confused. I can’t buy private property with a loan? If not then why so? Isn’t your home that you are selling is private property and people that buy it use loan? That mobile home is not full mobile home park it’s just they selling certain amount of units. Can someone explain please?
Junior,
Tell your realtor to stay in his lane of expertise and let the lenders answer loan questions.
Commercial lending is basically none owner-occupied lending. It can finance any type of property.
You will need a niche lender who does manufacture homes. Not all lenders touch these transactions.
"That mobile home is not fully mobile home park it’s just they selling a certain amount of units. Can someone explain, please? "
So you are buying a single mobile home in the park. Not the entire MH park. It's like buying an apartment, not the building.
So what kind of loan I should be using?
You need a manufactured home lender
I’m quite confused.
It’s not what kind of loan you need it’s what kind of lender you need