Finance For Transportable Homes

[Duel]

Hi

I am wondering if anyone has experience with getting finance for building transportable homes and whats involved? What is the LVR?

I have heard that you cant get regular finance for this as the transportable home is built offsite in a factory and because of this there is no value added to the land for progress payment.

regards

 

[Rolf Latham]

Hiya


Hard one

Most lenders wont fund this until complete and on the site with an occupancy cert issued.

But u knewthat already

ta

rolf

 

[RumpledElf]

The builder I'm dealing with has a lovely big page on their site with finance options - they obviously have something set up with banks or a broker, and are assuring us that finance is eaaaaaaaaaaasy to get (of course). Why not just ask the builder how finance works?

As to us, we're just forking over assorted deposits to them and hoping we can get finance sometime before the house arrives. We *still* don't have the title to the land the house is going on, either. We're expected to have finance approval well before the house is delivered. The odds of us selling our old house to cover the cost of the new house with such perfect timing as to not be left homeless in between are so low I think we get to be accidental landlords a second time later this year. And we get to fix the truly awful bathroom in this house after we leave if we keep it ... bit hard to fix it while we're still there and it is the biggest eyesore and deterrent to renting/selling

 

[bcoombs]

Do you want to post the website so we can have a look?

 

[RumpledElf]

Its a photo of a broker and their phone number ... not much to see.

We go serious broker shopping the day we get a fixed-price contract in our hot little hands, despite plenty of brokers on here saying we have zero chance of getting finance I'm sure *someone* will do it.

 

[bcoombs]

Its a photo of a broker and their phone number ... not much to see.

We go serious broker shopping the day we get a fixed-price contract in our hot little hands, despite plenty of brokers on here saying we have zero chance of getting finance I'm sure *someone* will do it.

No I mean the builders site. Id like to do some research and structure correctly. Spoke to a couple of builders over the weekend who are looking at doing factory ( pre-fab) homes. Their concerns are the future costs of dumping 5 or 6 skips per site and further environmental issues, plus the lack of trades and time to build..... generally means a blow out on when they get paid.

 

[barney]

Hi Duel
Have done 2 transportable's via same builder bank financed about 95% of house cost (had other equity as security) only had to pay 1k deposit to builder then balance on delivery of house and satisfactory inspection. Had a separate loan to buy land.

The bank did need a "builders package" to value finished product which was the plans and specs of fit out.

 

[ptony1948]

Hello.
I know this thread was 2 1/2 years ago so wondering if anyone has come across
finance that doesn't require you to have equity in other property to cover the entire amount of the building purchase.
Reason I'm asking is this:
* I can buy a factory built home and connection/delivery for under $200k.
* have got the block but owe a little on it and it's tied up securing other property .
*once set up I can get $500 to $600 per week rent so it's worth it.
* have got $40 to $50k cash as deposit.

Looking forward to your pearls of wisdom.
Thanks.
Tony

 

[Rolf Latham]

Hello.
I know this thread was 2 1/2 years ago so wondering if anyone has come across
finance that doesn't require you to have equity in other property to cover the entire amount of the building purchase.
Reason I'm asking is this:
* I can buy a factory built home and connection/delivery for under $200k.
* have got the block but owe a little on it and it's tied up securing other property .
*once set up I can get $500 to $600 per week rent so it's worth it.
* have got $40 to $50k cash as deposit.

Looking forward to your pearls of wisdom.
Thanks.
Tony

Hi Tony

there are ways to do this

if your builder is happy with your 50 k deposit and doesnt need progress pays, and can surivive off the end payment, it can be done

t
arolf