Is There Such a Thing...

Financing, Hard Money Lenders, Private Money
1

…as a lender who will loan a small amount of money ($23,500) on a Manufactured Home (2001 Horton Homes Mirage) on Leased Property? Property Value $28,500 (asking price $29,500) with $6000 down (unseasoned). Has to be No Doc (Self Employed), but do have bank statements proving $60,000 for the last two years. Scores around 650.

Finding it extremely difficult to find anyone who will finance this small amount. Approved already, but don’t like the terms.

Looking forward to anyone’s reply!

JonsBabege

2

It can be done but you going to hit two snags…

  1. The rate is going to be pretty high because of the loan size, property type, income documentation and FICO score.
  2. Brokers like to make between 1 and 2K per loan…some like to make a lot more. Make sure your broker is not trying to make this much on this loan.