Looking for hard money lender for Mobile home attached to real property

Charleston, South Carolina
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Looking for hard money lender for Mobile home attached to real property

Christina F.
Realtor · Moncks Corner, SC · Member since 2023 · 4 posts · 4 votes

I'm new in investing and looking for a hard money lender to help me with a deal and help me walk through the process.  I am a real estate agent and trying to grow my portfolio along with having knowledge for investors that come along that I can work with.  Best way to learn is to have the experience myself so I can guide others.  With that being said I would like someone I could work with on the long term.  Any leads or advice would be great.

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    Hi @Christina F., welcome to the BP Forum! Do you have any more details about the property you're looking to purchase? Things that would be helpful to know is: Purchase price, SF or MF, # of units/bedrooms, size of property (sf), rehab cost (if any), if rehab, what would ARV be post rehab, and how much are rents going to be if you're going to keep as a rental?

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  • Patrick Roberts
    Lender · Charleston, SC · Member since 2019 · 1k+ posts · 1k+ votes
    1y

    The mobile home part may be difficult. I can connect you with a local private lender who lends on MH's, but I'm not sure if any of the more formal hard money lenders in the CHS area will touch those. Low Tide Lending, Coastal Capital Lending, and Rehab Wallet are some of the bigger names. 

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  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    1y

    Hi Christina, 

    What is the purchase price, rehab cost and ARV? It may be possible but we will need to make sure the property AS IS value is at least $150k and the property cannot be rural

    [email protected]818-269-7983
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  • Christina F.
    OP
    Realtor · Moncks Corner, SC · Member since 2023 · 4 posts · 4 votes
    1y

    This would be rural area. It's a double wide that's been detitled with detached garage. It sits on 3.5 acres. Doesn't seem to be a lot wrong with the home besides cosmetic things and a back porch replaced. I would of course get an inspector to make sure no major issues are present. I believe I can get it for $150k and with fixing some minor things and paint. Doing a CMA I believe I can get a min of 280K for it. I would like to keep repairs around 50K.

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 727 votes
    1y

    @Christina F. Have you contacted Vanderbilt M&F?

    [email protected]
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