Refinance double wide mobile home on land

[Johnny Dlcrz]

My wife and I own a fully renovated 3/2 double wide on .25 acre  very close to a waterway . We invested around $75k out the door for everything including home and land and We have tenants in it that just made a full year renting at a rate of $1300. We paid cash for it two years ago now we are trying to refinance and get some cash out to invest into our real estate deals . Who would finance a deal like this I’ve heard it’s more difficult with manufacturer homes . Any advice is greatly appreciated 

[Andrew Postell]

@Johnny Dlcrz this is one of the hardest property types to do anything on.  Writting a cash out loan on a mobile home is really difficult.  

Here's my 2 suggestions:

1. Visit your local REI groups. There are many groups that meet across the country. Some post here on the Bigger Pockets Marketplace. Many post on meetup.com. Even facebook has some. You'll need to ask around and local real estate investors is a good place to start. Would certainly recommend visiting if one is close to you.
2. Calling - and then there's this option.  First, when calling banks target the smallest most community based banks you can first. If you have never heard of them, and they have one location - that's a good candidate. No big, national, publicly traded banks will do this loan type.  Second, most of these smaller banks may only have 12 employees or so. So don't get frustrated if they don't return your call or aren't in the office. Just call back and be friendly. Maybe play dumb a little "I don't know if I'm in the right place..." "I'm sorry to disturb you, you may not be the right person for this....", etc. Maybe someone can get you to the right person. Again, be prepared to call A LOT

Hope that helps in some way.

[Rachel H.]

@Johnny Dlcrz You may want to talk to some mobile home dealerships in the area. They work with lenders all the time and may have some referrals for you. 

Another option is to talk to your local manufactured housing association. They may be able to help as well.

Also, try talking to some real estate agents who list and sell mobile homes on land. They may know of some lenders who may be able to do the refinance since they work in this area of the business. 

Hope that helps! 

[Gary Tucker]

There are plenty of lenders that finance manufactured for primary, but not many for investment purposes. There are a few that will do purchase and refinance DSCR loans on manufactured though.

[Chris Armstrong]

@Johnny Dlcrz  There is one lender in this Area who will do that loan if you have a lease and documented rental income for a year. The rate is not going to be the best but it doesnt have to be owner occupied. Her name is Anne Noble and she works out of Charleston SC. 

[Caroline Gerardo]

What type of foundation, 433A filed?, are there any manufactured comparable sales in past three months?