Posted on: 20th Oct, 2008 04:57 pm
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
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
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
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.
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.
