Lender For Over 5 Acres, Over 20 Acres

[Pamela Crowley (Florida)]

Have an out of state mortgage broker trying to do a refi on a 26+ acre parcel, irregular shape, navigable small river frontage for smaller boats if he has a boardwalk over the wetlands to the river; dwelling is a 1999 manufactured home. I don't know where the house is located on this parcel yet.

The wholesale lenders the LO has checked out so far, that will accept the MH, only want the appraisal on 5 acres, which could be next to impossible with the very irregular shape of the parcel.

My question is, what programs or wholesale lenders will do a MH, almost rural 26+ acres?

 

[Pam]

There are probably a number of lenders who would loan on such a property --- at a low enough LTV and high enough rate. Unfortunately, the borrowers probably want a high LTV conforming loan on a non-conforming property. Additionally, they probably refuse to understand that it is a property (marketability) problem, not an appraisal problem. :::sigh:::

 

[Patrick Egger]

Pamela ... try posting on the grapevine

broker universe

should get some responses

 

[Mountain Man]

Dunno Pam, called my lending buddies. They said if they were looking at a loan like that, the only thing they could do for a non-conforming property is an in house deal. Maybe try on the Grapevine like Patrick said.