Land contract on park presenting a CASH program Issue

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1

I have a park under contract that I wish to keep the current mortgage in place on in the sellers name and I have intended to do a land contract on it however the folks at 21st Mortgage are stating the park needs to be transferred into my name to utilize the CASH program. This kills the possibility of a master lease option evidently as well.

Has anyone experienced this issue or have a solution? If I transfer the deed into my company name I could trigger a due on sale clause and I’ve found the currently lender that holds the mortgage to be less than pleasant so far to deal with.

2

What is the CASH program?

3

You would typically not attempt CASH homes on a master lease, as who would guarantee the notes? What if you didn’t end up purchasing the park? It’s just too risky for both you and 21st Mortgage.

The CASH program is an initiative to allow park owners to fill vacant lots with no out of pocket cost, offered by 21st Mortgage. We are the largest users of the program in the U.S. and are big fans.

4

Who do I contact at 21st to get more information?