Strong rental, but tough to finance....part stick part manufactured

[John D.]

Hi All-

I'm under contract on an unusual REO. This 4 bed, 3 bath house with 2 car garage, on 2.5 acres, is in great shape and needs near zero work. New roof, septic, well, home inspection, everything checks out great. Purchase price of $145k. Should rent for $1800 per month, desirable area, 4 bedrooms are rare, could be marketed as horse property. Strong rental.

    Here's the weird part.  It's partially a 1974 manufactured home, with a large stick-built addition.  You'd never know from looking at it.

Seems like all banks will only lend on manufactured homes built in 1976 or later. A HML sucks all the profit out, and leaving all of my cash in the home without a loan makes the cash-on-cash return look pretty mediocre.

  Anyone aware of a loan option with a rate somewhere between that of a conventional mortgage and hard money, where the lender is willing to work with unusual properties?  Any other thoughts? 

[John D.]

@Elizabeth Colegrove I cold-called literally every regional bank and credit union in the area (the list was 30 or so long) and asked if they did portfolio lending, and if they would lend on a manufactured home being used as a rental property.  It was probably 12 hours on the phone.  Everyone said no, including Rabobank actually, but later a broker directed me to the right person at Rabobank.

Perhaps I am not asking the question correctly, or talking to the right person?