I develop mobile home properties. I buy the land, remove the single wide, place a new double wide on the property and landscape area. I make about $40-$60 per property and I am looking to expand. I was wondering if there is anybody out there who is doing hard money loans for this niche. I am willing to pay 14% with 3 points and no prepay for a minimum 4 months interest. Anybody know hard money people willing to take on this market? Is there anybody who does this niche market? Also, willing to allow holding title to property as collateral. Let me know what you all think?
Is this a single property or a mobile home park? If it is a park you can get better financing than hard money.
Also, be careful when dealing with hard money lenders. There are some good lenders and there are some not so good lenders. Make sure you READ & your attorney READ the fine print on all contracts. Or you could be out of a lot of money.
Regards,
Patti Porter