Chico, CA · Member since 2016 · 60 posts · 16 votes
Greetings!
I am trying to figure out how to get a conventional loan on an investment property. It's a 1960s stick built home and an almost brand new manufactured home (1340 sq ft, permitted) on one property. My mortgage broker states she thinks this goes against standard conventional loan rules for investment properties. Seller will not carry. Any suggestions? This would be my first property, so I don't think a portfolio loan is possible, right?
Principal · Charlotte, NC · Member since 2010 · 200 posts · 89 votes
10y
@Jeff Macdonald .... two houses on one lot that are not physically connected are a challenge for conventional financing which i also found out the hard way. Reach out to Peak Financing and talk to them. they are a great group and will likely be able to help you. it would be a portfolio loan but they will work through it with you if it can be worked through. :)
Principal · Charlotte, NC · Member since 2010 · 200 posts · 89 votes
10y
@Jeff Macdonald .... two houses on one lot that are not physically connected are a challenge for conventional financing which i also found out the hard way. Reach out to Peak Financing and talk to them. they are a great group and will likely be able to help you. it would be a portfolio loan but they will work through it with you if it can be worked through. :)
Chico, CA · Member since 2016 · 60 posts · 16 votes
10y
@Sky Mikesell As a newbie, it looks I would not qualify for Peak Financing, since they require 2 years investment experience. But, thanks for the suggestion.
Miami, FL · Member since 2017 · 64 posts · 13 votes
7y
In the past couple weeks I’ve spoken with over 30+ banks, not exaggerating, and I was unsuccessful in refinancing the22320 Craig Ave property. National & Local Banks & Credit Unions simply wont refinance a manufactured property - few will, only if its a Primary or Vacation Home
Investor · Ruston, LA · Member since 2017 · 21 posts · 3 votes
7y
Jeff, I have a couple of properties like this as part of my collection. Pretty sure the only way you will get this financed is a local bank. Here is my blog post that lists a lot of the benefits of going this route.
My two cents - the hard and private money out there is difficult, time consuming and expensive. A friendly local banker is a great person to have in your corner.