Structuring for Land-Owned Infill Housing (Manufactured on Foundation)

[Denise Webster]

I’m working on structuring financing for a small residential infill project in Moriarty, New Mexico 87035, and would appreciate input from anyone who has funded or participated in similar deals.

The scenario involves two residential lots that are already owned free and clear. The plan is to install factory-built homes on permanent foundations (titled as real property) and sell them upon completion.

High-level details:

• --> ARV: ~$265K per home (~$530K total)

• --> Loan request: ~$170K per property (~65% ARV)

• --> Timeline: ~6 months from install to sale

• --> Exit: retail sale (MLS)

• --> First lien on each parcel

Comps in the same subdivision have recently sold in the $260K–$270K range, and the project is aimed at entry-level housing demand in the Albuquerque commuter market.

Traditional construction and MH lenders have mostly passed due to (a) non-owner occupied structure, (b) the manufactured housing classification, or (c) the rural location. I've shifted toward private lending / asset-based bridge, but so far engagement has been limited—even at ~65% ARV.

For those of you who lend or have raised capital for similar projects:

1. -- What typically gets private lenders comfortable with this type of deal?

2. -- Is the hesitation more about asset type, location, or structure in your experience?

3. -- Would you structure this differently (per-loan vs blanket, interest reserve vs accrual, etc.)?

4. -- Are there specific lender types you’ve found more receptive to this kind of infill / entry-level housing play?

I’m trying to make sure the structure aligns with how private lenders actually view risk on these, rather than continuing to push it through the wrong channels.

Appreciate any insight or perspective from those who have been on the lending or capital-raising side of similar deals.

(Happy to share more detailed numbers or package via DM if helpful.)