Financing

tchappettaJune 23, 2006

I foresee I'm going to have problems financing the modular I'm looking to purchase and put on our 40 acres. I'll be needing a construction loan for septic, walkout basement, well and the construction loan would also pay for the house and pay off the 40 acres so that it will all end up in one note. My mortgage guy is calling around and if he can find someone who will work with modulars my next problem is not being able to find a comparable - a recent sale of 40 acres with a modular on it. Have you guys encountered same problem and, if so, who ended up doing the financing for you? Thanks in advance.

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christopherh

Our local bank handled everything. From the bridge loan to the construction loan to the total wrap of the financing. No problems. It was handled just like a "normal" house. Which is what a modular is.

But I get the impression your mortgage guy is unfamiliar with modulars. It sounds like he has the notion thay're mobiles, which is the farthest from the truth.

    Bookmark   June 27, 2006 at 7:43AM
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