Updated over 11 years ago on . Most recent reply
Loans on anufactured homes as investments in CA
Hi All-
Well after calling 20 or so banks including all of the local ones I could find, and talking to a couple of brokers, I can't find anyone that will lend on a few properties I have. These are nicer newer manufactured homes on acreage built after '76 on permanent foundations. I paid cash, rehabbed, and am now looking to take some money out to finance other purchases.
If anyone has any leads, please let me know. If I can't find anyone willing to lend on them, I may look to borrow against the land only - there are a few banks in the area that will finance raw land.
It's a shame no one is willing to lend against these nice, newer homes on great acreage, generating great cash flow. I have had a few banks told me they "might" consider refi'ing them if I had an existing loan, I wonder if a hard money loan on the property would qualify to refi?