I have a tenant proposing to have a new single wide installed in my park. 21st Mortgage wants me to sign an agreement not to charge them lot rent while they resell if they have to repossess the home if I am less than 95% occupied which I am. The tenant is paying for most of the installation including the slab, so it’s a good deal for me. I just wonder if anyone else has done this and if they would refuse financing if I said no.
Do not sign this.
21st Mortgage will give the Resident a better loan if you do. There is ZERO benefit to you as the park owner.
Thanks, too late but I will heed your advice in the future.