21st Mortgage Company - DONT WASTE YOUR TIME AND MONEY

mobile home university
1

All I can say is this is the worst company / bank / lender (if you can call them that) I’ve ever worked with. To put things in perspective, I own and manage roughly 20M in assets currently. I understand lenders and have amazing relationships with some. This company however, is by far the worst I’ve ever worked with. They are the most INEFFICIENT organization I’ve ever experienced. I never write reviews. PERIOD. Maybe a positive one every once in a while. But my hope is that someone will read this before they waste years of their life and tens of thousands of dollars getting approved in their “program”. Just about any other option has to be miles better.

I spent an entire year getting my dealership license. I spent over 20K making modifications to an office building to obtain town permits (which is one of the requirements for dealer’s license) and tons of other BS, just to get approved with them in their program. Even though we never use the office. And in 5 years they’ve funded 1 buyer to purchase a single mobile home loan for us LOL.

We have a 2M line of credit with them, but it’s completely useless because they won’t fund anything. Almost every buyer gets “approved”. But then they don’t actually close on anything. They literally hamstring you along for months and years before they actually close on anything. YES YEARS. We have 3 homes with them right now that they paid to bring in, but they won’t fund any buyers. So then we switched the loans over to us personally, but they just keep dragging their feet with endless requests. WE BROUGHT THESE HOMES IN JANUARY 2024. It’s freaking April 2025. WTF

I know there are some folks on here that say they’ve had good exeriences with 21st and all I can say is GOD BLESS LOL. For anyone else, PLEASE do not waste your time or money. These people are useless soul suckers. The worst part is they literally have no concept of how terrible they are. And they’re rude even at the top level.

5 Likes
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Wow. So sorry to hear about your experience. It does sound like they did all they could to NOT do business (and make money). Crazy and makes no sense for you or them.

21st has historically gotten decent reviews from other investors. Some of that may have been for other loan programs or scenarios. I’ve personally never used them. Did you happen to contact anyone at the upper management level?

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I am sorry to hear about your struggles with them. We have brought in over 40 new homes on their program in the last 5 years and sold them with their financing or PEP. Certainly 21st is loaded down with paperwork but ultimately, we want them to put the right owners in the homes with a low chance of getting repossessed. You can bring homes in on 21st program but you are not obligated to use them to finance the end buyer. Perhaps try PEP (performance equity partners) to finance the buyers. They generally require more of a down payment for the buyer’s but are a whole lot faster with less paperwork than 21st.

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I agree that there are hurdles to overcome to get a dealership license. In most of the states where we operate the requirements are fairly simple . For example the state requires that there must be a desk, a locking file cabinet, a sign, etc. To meet those requirements, we buy a $50 sign and $100 of Ikea furniture. The actual physical location is an abandoned home that may even be subject to demolition. The state does not specify that the office has to be nice or that anybody works there.

Many buyers are not qualified by 21st but some are. Net result is we have higher occupancy with the 21st program. If you have the cash and want to save on interest or fees or want to reduce underwriting guidelines, you can eliminate 21st. That takes deep pockets if you have more than a few homes to infill.