I am in negotiations with an asset manager who has a home in the foreclosure process. There is a tenant in place, not the person being foreclosed upon. The home is a double wide mobile home on 1 acre of land in North Carolina. The bank has had an exterior appraisal completed and I have a verbal offer down to 60% LTV.
The tenant wants to purchase the home and needs a little more time to get financing place.
My question is about seeking some financing / lenders to help facilitate the deal. It would be a short term lease option scenario. I contacted 2 HML but neither would finance a mobile home. Just thought I throw it out there to my BP community.....any suggestions?
How much money are we talking about? Do you have a company, or is it just you personally trying to do the deal? The reason I ask is if you have a LLC you could get a line of credit as SBA7 loan or something of the sort to carry you though. Doesn't sound like the tenant can close though, so that is another consideration, because you may need to secure longer term financing if you plan on selling it to them on lease option.
@Chadd Naugle I do have an LLC. I left a message for my bank president this evening. I thought of the SBA loan also :) Loan amount would be 35K.
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