Looking for long-term financing options for manufactured home rental
Hello,
I recently completed a fix-to-rent on a manufactured home. It's permanently attached to a concrete crawl space foundation in a desirable location and school district (Penn Schools; Mishawaka, IN). I was exiting via a DSCR when the lender informed me days before closing that they do not lend on man homes (they knew it was manufactured from beginning). Their 3rd party appraisal came in at $208K and it's currently rented at $1,550/mo on a 1-year lease. I'm currently in a 1-year bridge loan for the fix-to-rent.
I'm looking for long-term financing options but am mostly only finding options for financing it as a primary home in personal capacity. It's currently deeded in my LLC, and I'd like to keep it that way if possible. Any and all suggestions welcome.
Thanks, Aaron
Most Popular Reply
I do have a source for purchase or refinance on a doublewide investment property. I have an email into underwriting to check if we can use the as completed appraised value. On investment doublewides, we can lend up to 80% of the value and the max term is limited to 20 years but as you can tell it is very unique to get financing on that scenario.
- Russell Smith