I have about 5 acres in a single parcel, I have a manufactured triple wide home on one side of it, and my mom's SFR on the other side. Been trying to do a refinance, but of course no lender is going to do a refi with two SFR's on a single parcel. I've been thinking about splitting it, but the cost to do so will be around 25K in total through the county of San Bernadino. Are there any private lenders that would touch this? I have it appraised for around 430K (includes both properties and land) and a single mortgage for about 250k. I have a balloon payment coming up in 3 years on my current mortgage, so I probably won't start the private money loan process till about 8 months before the balloon is up. If I could afford to split the property I would. Anyone got any financing options or suggestions? I'm all ears!
Will it appraise for enough without giving value to the second home? I have heard of some conventional lenders that can essentially lend on the land and call the other building a shed.
Have you also approached them about calling it a "mother-in-law" unit?
What do the tax records show? Manufactured won't show up as a SFR it would read mobile/manufactured. Tax records might read just the SFR and it's beds/bath etc etc. I have come across a lot of these where people have mobile/manufactured on there properties but records only showing the SFR.
Not sure what the tax records show, however, it doesn't matter. There's an appraisal involved with most types of financing and they'll see the 2nd house.