Hello everyone,
There are now a bunch of financing programs available for financing homes (provided the park and park owners guarantee the loan). The biggest one is obviously 21st Mortgage. There are many smaller 3rd party lenders now too, and other manufacturers that have financing programs in place.
I would be curious to hear what financing programs others are using and how you like it, and what kind of a market you’re in if you’re willing to share.
Rishel Family Trust which owns or partners in communities tends to rely on Triangle Finance which I am also the President of. (Legal seller finance structure.) That said, there are a number of finance companies and depositories that make loans to buyers and the terms vary with the credit worthiness of the prospective borrower.
Because of federal laws regarding the SAFE Act and other laws regarding steering, we post every lender we know finances manufactured homes in our sales office and allow them to place their brochures and/or other materials as well. Our sales personnel are neutral, but as helpful as the law allows.
Geography is important. Many regional players are out there that may loan in one state only.
We offer customers:
Triad
CU Factorybuilt
21st Mortgage
Oxford Bank
Castle Bank
Harris Bank
We are not legally obligated to offer:
Performance Equity Partners
or any other programs that require the Trust to sign any kind of indemnification agreements.