Looking for a Lender for Double Wide MH with its own Land

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Looking for a Lender for Double Wide MH with its own Land

Alecia LovelessPro Member
Member since 2019 · 3k+ posts · 2k+ votes

I’m working on a deal involving a 3/2 double wide Mobile home on its own piece of land with town water and sewer. I know there’s only certain conventional lenders who do these types of loans. Looking for recommendations of companies who might work in New Hampshire.

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Andrew PostellPro Member
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
2y

@Alecia Loveless this is almost impossible to find for an investment property.   You should certainly seek out smaller, community based banks in the area.  You should expect a 20 year, adjustable rate mortgage when you find someone who can actually do it.  Try some local real estate meetup groups and see what investors in your local market might have. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.

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  • Andrew PostellPro Member
    Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
    2y

    @Alecia Loveless this is almost impossible to find for an investment property.   You should certainly seek out smaller, community based banks in the area.  You should expect a 20 year, adjustable rate mortgage when you find someone who can actually do it.  Try some local real estate meetup groups and see what investors in your local market might have. Meetup.com is a good resource for those but some of the groups will also post here on Bigger Pockets Marketplace too. Even facebook might have some good local groups for you. But post locally for this. That’s the best bet.

    1Reply
  • Greg PowersPro Member
    Real Estate Agent · Manchester, NH · Member since 2013 · 120 posts · 159 votes
    2y

    There are quite a few local lenders who provide conventional financing for mobile homes, but I believe most are owner-occupied-only.  However, there is a company that will finance pretty much any mobile home, regardless of age, on land or in parks, including investment deals, as long as they're move-in ready (no rehab loans):

    21st Mortgage Corp.

    620 Market Street

    Knoxville, TN 37902

    1-800-955-0021

    https://www.21stmortgage.com/web/21stsite.nsf/index.html

    0Reply
  • Jaylan ArcherBusiness Member
    Real Estate Agent · Portsmouth, NH · Member since 2014 · 150 posts · 65 votes
    2y

    Hey Alecia! 

    It is difficult to finance a mobile home, especially one that is not going to owner occupant. 


    Have you considered a DSCR loan or does the deal work with a private/hard money loan?

    Archer and Associates of KW Coastal589 Reviews
    WebsiteView Page
    0Reply
  • Shane Moynihan
    Realtor · Keene, NH · Member since 2018 · 38 posts · 14 votes
    2y

    Hi @Alecia Loveless, one of the go to lenders I know would be Community Home Loan Fund. But I am not sure if they would do it for investment purposes, but it is worth a shot!

    0Reply
  • Gary Tucker
    Lender · Pittsburgh, PA · Member since 2022 · 73 posts · 16 votes
    2y

    Hi Alecia,

    We specialize in offering investor loans, specifically DSCR type loans, for manufactured homes. I'd be happy to help.

    -Gary

    0Reply
  • Lorien Wolff
    Property Manager · Charlotte, NC · Member since 2022 · 138 posts · 87 votes
    2y

    Tagging my favorite LO @Wyatt Wolff

    0Reply
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