Does any one have experience with the 21st Mortgage CASH program. Specifically, buying new homes and putting them in as rentals to work towards conversion to a buyer. Do you know if you bring the new home in as a rental, are you required to have the buyer use 21st Mortgage to purchase the home? I have other lenders who are cheaper but won’t front the money. Is there anything in your experience that if you do a commercial loan to put in rentals that you HAVE TO USE 21st Mtg to finance them?
Thanks, GRIT
I used the CASH program to fill my park. I sold all the homes to retail customers though, never rented them out. You can put the homes on your 21st Mortgage floorplan and sell them to customers for cash or financing either thru 21st or any other lender. If you rent the home out then you can do a commercial loan thru 21st or you can pay off your floorplan using another lender if you prefer.