Loan / Line-of-Credit for new MHs based on park value (vs 21st)

Hey, wanted to get some feedback here. I work for a fam office and we do a lot of loans. Personally, I think there is a gap in the marketplace. 21st Mortgage has some perks, but it is also a lot of paperwork and seems to be quite slow.

If you were to have an alternative option that would take a 2nd mortgage, would you do this instead (rates, points being equal)?

More so, I think it would make sense to do bridge loans for parks and the initial homes to be brought in, perhaps treating the latter as a line of credit.

Open to any input here.

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@stevendsegal - does your family office only work on the debt side?

We also will contribute in equity raises / JVs as well

I think it’s a great idea. I have one with the local bank we’ve financed a few parks through: essentially we have a line of credit to buy a home or two, then we can term it out at any time and rinse and repeat. Just one way to address the issue, but I agree. I’ll say, I went this way because my markets don’t support new homes, and the used home program was too much hassle.

@stevendsegal would love to connect! You have some time this week to connect?