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Where can someone get a $45,000 loan for a 1978 mobile home that is on rented property?
Posted on October 20th, 2009 8 comments
Corey asked:
We live in Rhode Island and my grandmother is trying to get her tenants to get a $45,000 mortgage for the remainder of what they owe her. Five years would be ideal.
ANTHONY8 responses to “Where can someone get a $45,000 loan for a 1978 mobile home that is on rented property?”
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No where, not only is the loan too small, the trailer is too old. They will have to obtain a personal loan.
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David Z October 24th, 2009 at 13:03
You will never find a lender that believes a mobile home that old is worth $45,000.
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bostonianinmo October 27th, 2009 at 14:59
In your dreams. A mobile that old, even if in excellent condition, is not worth the cost of moving it off of the property, let alone $45,000.
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Beverly S October 30th, 2009 at 14:07
No one will lend on a trailer that is not permanantly affixed to their own land. This would be considered “mobile” property since it could be moved. May be possible if your grandmother had a foundation built onto it- then she could sell it as real property. FHA will do these but only if the home has never been moved- has gutters & downspouts- permanant steps (not the ones that can be moved) and it’s a double wide. The age also may be a problem- house must be built to HUD standards which started in either the mid 70′s or mid 80′s (sorry I can’t remember). Also the tenants have to qualify-both credit & income.
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daeve930 November 1st, 2009 at 21:44
A mobile home without land loan is a rare item, even if it’s brand new. For a bank to do any moho loan, the oldest it can be is June 16, 1976, and anything over about 10 years old requires a structural engineer’s report.
The only place I can think of is to ask someone they know who has that kind of money to lend.
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catherine November 2nd, 2009 at 07:51
Whose mobile home is it and whose land is it?
Why do they owe her anything other than rent,aren’t they renting the mobile home? Unless they are only renting the pad?Do they have a long term lease ?
Without a place to sit the mobile home is pretty much worthless.
You can look on craigslist and find mobile home being given away as long as they are removed from the property.What is the assessed value of the mobile home?
If the mobile home is assessed for that much and there is a long term lease in place they might be able to get a loan.
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broccoli brain November 5th, 2009 at 14:14
Well, traditional lenders like banks and loan companies are not the best source for this loan. Put an ad in the local paper and see if anyone will lend the $$$ personally. This is sometimes called hard money. The borrower should be prepared to pay a higher than market level rate of interest. Perhaps there is someone with that much $$4 in their savings account that is currently earning less than 1% that would be willing to lend on a trailer. Good Luck!
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Landlord October 22nd, 2009 at 10:40