Does anyone know a bank/broker/finance company/investor who will loan money on a resale mobile home?

Asked by Donna Plank, Park Ridge, IL Fri Jan 28, 2011

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Dan Tabit, Agent, Issaquah, WA
Fri Jan 28, 2011
BEST ANSWER
Donna,
US Bank is one of my sources and it appears they offer loans in Ill for Manufactured homes. If you need a contact person there, let me know.
0 votes
Michael Cline, , Chicago, IL
Mon Jan 31, 2011
Financing for a mobile home is tough. Not that it can't be done, it's just that LO's don't want to waste their time on a $20k loan. I once did a $28k loan for someone, but ONLY because it was a referral from a dear friend. The appraiser made more $$ than I did.

Sorry to explain it that way, but it's the truth. Good luck.

Mike.
mcline@waterstonemortgage.com
0 votes
Kim Noonan, Agent, New Lenox, IL
Sun Jan 30, 2011
Hi Donna - it's going to depend on the age and bluebook value...I'm guessing this is in a park and not on a foundation on land? Here's a few ideas:

Some credit unions will still extend mobile home loans to their current customers.
Check with the park management and see if they have any recommendations for you.
MHLoans.com is still in business, I think.

I once had a property to liquidate for an estate, the value was around $6,000.
The buyer had a fairly new car that he owned free and clear. We were able to find him a car title loan easier than a mobile loan as the trailer was over 30 years old. Once they reach a certain point of depreciation, I found it was virtually impossible to find financing.
Web Reference:  http://www.kimnoonan.com
0 votes
Suzanne Hami…, Agent, Orland Park, IL
Sat Jan 29, 2011
Here's one for you. Linda Wallace... 815 464 1412 - she is located in Frankfort, Illinois. Southwest suburb, but at least it is closer. An agent I know uses her all the time.
0 votes
Donna Plank, Agent, Park Ridge, IL
Fri Jan 28, 2011
This property is located in Des Plaines, IL which is a northern suburb of Chicago
0 votes
Dp2, , Virginia
Fri Jan 28, 2011
I suspect you've probably already discovered that many conventional lenders prefer to not lend on mobile home resales.

I know some investors who might be interest if the deal(s) is/are right (especially if you're talking about 1 or more Lonnie deals).
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Jan 28, 2011
Where is mobile home located? Assuming it is in IL?

Best contact a local banker or mobile home location who can assist with your question(s)

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
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