financing to buy 5 mobile homes

veryvague2002 · Joined: 20 Oct 2008 Posts: 1 1.55 Dollars($)

I've been offered the opportunity to buy 5 mobile homes. All of them are mid-to-late 80's models, all are in the same mobile home park, all are rented out (and have been for at least 2-3 years. can you give any advice on who makes these kinds of loans? thank you

kpatrick · Posted: Mon Oct 20, 2008 7:11 pm Post subject:

Any good mortgage person can help you with these loans.

More than likely, it would be done with 5 diff investor loans. You are looking at no more than 80% LTV (loan to value), and probably more like 75%.

However, if it is its' own little mobile home park, where you own all five on the property, then you would be going for a commercial loan of no more than 80% LTV.

In both of these cases, you will have to fully document your income, so if you are self-employed, you will need to prove your income with your tax returns.

My husband have owned a small mobile home park, in addition to all other types of rental property, and I must say, MHP's are the most interesting. (:

Good luck!

Kim

smithsussane · Posted: Mon Oct 20, 2008 7:52 pm Post subject:

Hi veryvague!

Welcome to forums!

Yes, you should consult a qualified mortgage lender who is in the business for many years. (I agree with kpatrick). They will be able to give you the best suggestions about this.

Sussane.

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