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07-08-2009, 06:37 PM
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bank financing moblie home
Anyone know a bank in Horry County that will finance a 7 year old trailer in Bellamy Park? In great shape need a bank that will help.
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07-09-2009, 06:51 PM
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Is that a manufactured home on leased land or with land? I'm not familiar with Bellamy Park.
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07-12-2009, 11:54 PM
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Good luck finding financing for a "trailer"... It is a depreciating box the second you buy it. The only way you will get financed (and it is NEVER a wise financial move to buy a mobile home) is if you have an incredible credit history and assets, but then why would you want one of these.
If the "home" sits on land you will own than it is very plausible that a mortgage could be obtained for that aspect of the purchase. If it is a leased plot than look for the park owner to finance you a repo in the park.
I write and own sub-prime paper. Some of the worst out there at insane yields. However, it is secured against vehicles I can take back in 15 days and resell. The unfair laws don't allow you to kick a dead beat out of a trailer immediately and resell it. Some states make you wait six months of losses before you can evict. Plus the "home" is usually stripped and destroyed when you get it back from those people.
If you can qualify, buy a real house. That way in 20-30 years you have a paid for asset rather than a run down fire hazard that will cost you money to be removed off the lot.
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07-28-2009, 01:33 PM
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Quote:
Originally Posted by Rapture
Is that a manufactured home on leased land or with land? I'm not familiar with Bellamy Park.
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It is leased land. Bellamy Park is about 5 minutes from Broadway in Socastee. |
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07-28-2009, 01:36 PM
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Quote:
Originally Posted by hats
Good luck finding financing for a "trailer"... It is a depreciating box the second you buy it. The only way you will get financed (and it is NEVER a wise financial move to buy a mobile home) is if you have an incredible credit history and assets, but then why would you want one of these.
If the "home" sits on land you will own than it is very plausible that a mortgage could be obtained for that aspect of the purchase. If it is a leased plot than look for the park owner to finance you a repo in the park.
I write and own sub-prime paper. Some of the worst out there at insane yields. However, it is secured against vehicles I can take back in 15 days and resell. The unfair laws don't allow you to kick a dead beat out of a trailer immediately and resell it. Some states make you wait six months of losses before you can evict. Plus the "home" is usually stripped and destroyed when you get it back from those people.
If you can qualify, buy a real house. That way in 20-30 years you have a paid for asset rather than a run down fire hazard that will cost you money to be removed off the lot.
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Thanks for the reply. Unfortunately, it is paid for and we are trying to sell it now. Already in a house, and we do not want to keep it.
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07-29-2009, 07:20 AM
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I'm sorry but I don't know any lenders that will do a mortagage on a manufactured home on leased land. That doesn't mean they're aren't any. Are you trying to sell this yourself and trying to help buyers find financing? If so and you do find a lender, I'm sure they would have to have very good credit for this type of loan. You might be better off renting it out if it's paid for for additional income. You probably have already thought of this but unless you find a buyer with great credit or cash it may just sit there for awhile.
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07-29-2009, 07:57 AM
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Location: Murrells Inlet
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I have been told that BOA will finance manufactured homes. You might also check with Upstate Mortgage. |
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07-29-2009, 10:33 AM
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First Federal
finances mobile homes on leased land but I think they have to be a double wide.
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08-12-2009, 01:13 PM
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Quote:
Originally Posted by creekgirl4life
I have been told that BOA will finance manufactured homes. You might also check with Upstate Mortgage. |
Thank you very much. I will check into those companies. I gave up on this site for awhile. Thanks again! |
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08-12-2009, 01:15 PM
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Junior Member
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Join Date: Jul 2009
5 posts, read 1,845 times
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Quote:
Originally Posted by twoc
finances mobile homes on leased land but I think they have to be a double wide.
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Thanks for your reply. I appreciate it. |
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