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Posted by Jeff Strickland on September 14, 2005, 1:42 pm
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Mobile homes are difficult to lend on, many lenders have backed out of the
market. There are a few that will lend on a manufactured home, the lender
requirements are tha tthe home is on a permanant foundation, it was built
after either 1976 or 1978, I forget which, and it has to be on land that is
owned, not rented as in a park.
It sounds like your client meets these rules, witht he exception of the
foundation. You didn't tell us enough to know, but I assume the unit is on a
foundation, not on wheels and jack stands.
Your loan is very small though, and this may present problems because there
isn't much profit in a loan that is this small.
> I'm new in the business and have a client wanting to buy a lot with a
> single wide attached. Need $20,000. Lot alone
> should appraise for $20,000. Located in North Carolina. in a rural
> neighborhood mixed with both standard and mobile homes. Anyone have a
> source?
>
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