“New construction” loan for a used mobile home?

Question

I got myself 10 acres in Joshua Tree at auction. The location is decent enough that it sure seems to make sense to try and get a permitted house there. I'd need a well, ~$50k and solar and site prep septic / pad ~$50k and a used manufactured home with a HUD tag for $50k delivered. And I can do the rest.
But I ain’t got $150k cash sitting around.
Can I get a bunch of cash to buy a used mobile home via a new construction loan? My portfolio does currently have two mobile homes so I generally know the difficulties in financings then compared to traditional homes but I’ve never done a new construction loan so I’m not really sure what’s allowed.

Ultimately I could rent it long term for $2k and having the primary residence would allow me to do a lot more with the property including two ADUs. Comps don’t seem to be available for under $350k for even just a mobile home on 5 acres.

Thank you for any insight on how to start with this potential project.

Ultimately I could rent it long term for $2k and having the primary residence would allow me to do a lot more with the property including two ADUs. Comps don’t seem to be available for under $350k for even just a mobile home on 5 acres.

Thank you for any insight on how to start with this potential project.

Rachel H. · Answer

@Eric Mcginn I'd check around and talk to small, local banks and credit unions to see what your options are. Another route is to talk to local mobile home dealerships and your local manufactured housing association. They may be able to help and send you a few referrals.

Also, you can try finding some real estate agents who actively list and sell these types of properties. They may have some contacts in the industry.

Just a few options. Hope that helps!

Allan Smith · Answer

A new construction loan would definitely not fund a mobile home for you. But you might still be able to get some kind of commercial loan for the mobile home. If nothing else, talk to land Banks and ask them for a loan on the land and let that fund the rest.