We have a borrower looking to purchase a single wide 3 bd / 2 ba mobile home and locate it on property.
There is a mobile home already on the property that will be removed and trailer will be placed in it's stead. The home has actually already been removed.
Borrower is also 1/3 owner of ABC Farms. Due to the location of the mobile home
ABC Farms will have to pledge the land as collateral. The entity does
not take on any financial liability, however..
$111,500.00 Mobile Home purchase
$10,000.00 Crane fees / removal & placement of new trailer
$10,000.00 Misc expense / Septic installation
$131,500.00 Finance Amount
Where borrower plans to place the mobile home already has a foundation and a stable driveway
where the crane can be placed to remove/install the mobile homes. Septic and well are
both possible. To get electricity to the mobile home there is one plug to power the entire
home.
I am thinking for both TRID and HMDA this would be considered purchase?