Creative Ways to Lower a 7.37% DSCR Loan Rate on a Manufactured Home in Washington?

Question

Hello! I currently have a DSCR loan at a 7.37% interest rate on a new manufactured/mobile home located on a privately owned lot in Maple Valley, Washington.

The property is currently not generating enough cash flow, so I’m looking for creative options to reduce the interest rate or lower the monthly payment.

I am loooking for help creative ideas where I can bring down my interest rate?

I’d really appreciate hearing from investors or lenders who have dealt with a similar situation in Washington State.

Thank you

Eric Veronica · Answer

Dont need to be a turd in your punch bowl but 7.37% on a manufactured non owner occupied home is an incredibly low rate in this current market. Highly unlikely you are able to find more favorable terms today.

Rajshekar Manaliker · Answer

Thank you very much, Eric!

Erik Estrada · Answer

I agree with Eric.

This is a very good rate on a manufactured home. Maybe you can buy down the rate to 6.5% but the cost will be outrageous. Maybe you might want to consider an Interest-only option if you are tight..

Rajshekar Manaliker · Answer

Thank you very much, Erik!

Creative Ways to Lower a 7.37% DSCR Loan Rate on a Manufactured Home in Washington?

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