mobile home on leased town owned land

Does anyone know of a lender who will finance an older mobile home purchase? I am selling this home and no buyers can get financed due to situation. Mobile home is on land leased from town for no charge!
I owned this property 16 yrs and hold mortgage with large bank.
Buyer is living in home now , but cant get financed to use his option. help! MY bank will only refi, but no new mortgage. Buyer needs $150,000.00

If you do not own the property then you do not really own real estate, only personal property (the mobile home).

How was it set up the last time when you financed it?

What is the reason that your bank will only refinance?

It is a traditional mortgage for a mobile home with a regular bank like sovereign. The bank inherited the note from an older smaller bank that they bought out. I was able to refinance the property 2 yrs ago with no issues. But a new mortgage that they do not lend on mobile homes and because of underwriting restrictions they wont do it.
The not is not assumable either.

It would appear that your current “mortgage” is similar to a car note. Since you do not hold title to the land you are only paying for the mobile home.

Conforming Mortgage Banks do not lend on this type of property. You would need to hold title for the property as well.

As you can see I am in need of a lender to finance this property for the interested buyer. I am well aware of the situation with conforming lenders. Any suggestions?

You may be able to try a local Wells Fargo office they may still do manufactured homes or try this link

I do not know if this site will help or not. I just found it when I searched for Manufactured housing lenders on Google.

You need a Chatel Mortgage lender and there are not many of them out there especially for used mobile homes. Wells Fargo does do Mobile Homes Chatel but your buyer better have pristene credit and be ready to put down a bunch of money to get this done.

You will have to seperate the house and the property the house is currently sitting on. This does not mean you have to move the house this simply means the home must have its own mortgage and whatever you are selling the house for would go towards the land the house is currently sitting on if you indeed own the land or are buying the land.

Be careful here though because mobile homes depreciate worse than cars or boats. Any money you are trying to sell the house for over what a Chatel Mortgage lender will loan on the house your buyer will have to come up with the difference in cash or you will have to take it in the shorts so to speak if you really want to sell the mobile home.

If you have a good tenent you may just want to owner finance the house yourself and save everyone the headache of trying to severe the house and the property from one another.