Private Money Loan Terms

[Jennifer Long Brenner]

BP Members….I’m looking for reasonable & standard terms of sale/ private loan, in today’s market. 

What: 2018, 3/2 mobile home that belonged to my grandmother, from her trust.
Where: in a retirement community w very low HOAs, in central FL.
Strategy: LTR

Value: Conservatively appraised @ 169k

Cost: family is willing to sell it to me for 150k

The catch: I need to move fast!

Question: Im borrowing all $ w no down payment from a friend and biz partner. I want it to be a win win for everyone! Based on your experience and the current market, what are standard terms of a loan, for something like this? Anything specific would help…we're still beginners (we own 2 doors together under our LLC) but this would be in my name only. She obvi looking for passive income.

Thanks in advance! 

[Erik Estrada]

It will be very tough to finance a mobile home with a standard hard money loan. There are DSCR programs available however that allow you to purchase manufactured homes on permanent foundation at 65 LTV