I guess that should tell you. 5 days and no responses. There are not too many companies that do this anymore. I would talk with a retailer and find out from them what companies they use. They probably have several. Take one of the sales guys to lunch, pick his brain.
If you are considering doing financing, there are some caveats, but because there are not many people doing it, the venture could be a profitable one.
Countrywide (only doublewides)
Wells Fargo (only doublewides as of next week, I believe)
Vanderbilt Mortgage (used by dealers, don't know if you can deal with them directly or what they are loaning on now)
Sorry this isn't more help. I was a general manager of a MH dealership. Laid off due to closing down. Financing major problem due to excess repos.
Joan ALyce,
I would love to benefit from your expertise.
What kind of deals can a person expect to find for these repos? There are companies all over the country in the same boat.
For instance, I see a 94 3/2 repo listed at 11,500 on the Oakwood site. Just for fun and using your educated guess, what would you offer for this MH?
How recent is that list posted? I know Saxon and Conseco stopped doing mobile home loans earlier this year along with 80% of other mobile lenders. I know the Saxon rep told me they were going to be coming out with a program for mobile homes but he did not know when or what the programs would be. I no longer use Saxon because I have found more competitive lenders in the same niche who are less expensive. They" will" underwrite very fast, but you the client pays "highly" for that service.
This is just my two cents, if they do mobile home loans again great - that country needs lenders for this niche.
The way I have purchased a park here in NC is by going to a smaller local bank. Find out what bank is trying to grow the most in your area. If you see a lot of signs of that bank around town, speak to someone on the premise and find out the persons name. Also the commercial area of a local bank is a great place to begin the search for mobile money.
Chase bank, 21st mortgage and Origen finance are doing chattel as well as land home deals in Texas at least. Conseco finance, now Green Tree ... again, is said to be gearing up to do chattel business again in the near ****Must Reach Freshman Investor status before posting URL's***hey won't be buying as deep as they once did..
Quote:
On 2003-12-10 20:08, JoanAlyce1 wrote:
Countrywide (only doublewides)
Wells Fargo (only doublewides as of next week, I believe)
Vanderbilt Mortgage (used by dealers, don't know if you can deal with them directly or what they are loaning on now)
Sorry this isn't more help. I was a general manager of a MH dealership. Laid off due to closing down. Financing major problem due to excess repos.
Good Luck !
Vanderbuilt Mortgage and Finance (VMF)
has a direct lending department. Dial 865-380-3000 and ask for direct lending.
In Illinois a bank called Oxford in Addison Illinois does mobile homes and so does Harris Bank in Roselle, IL.
Often financing is done by a very few local banks.
someone earlier suggested a Call to the local mobile home lots/parks- ask who they and their residents use. Often they can help with at least a couple of finance institutions.
There is also a book called the Critendon directory (some libraries have it as a reference book since it costs hundreds of dollars to buy) The Crittendon Directory lists financial institutions and their offerings from state to state, city to city.
We've received notices from most conventional lenders that we can no longer sell them mobile home loans. However, lenders will take them under FHA guidelines for now.
There's a big titling issue going on in most states, where the land is titled as real property but the mobile home as personal property (like a car).
We've been told since last July that "its getting worked out and we'll be ok soon."
I guess that should tell you. 5 days and no responses. There are not too many companies that do this anymore. I would talk with a retailer and find out from them what companies they use. They probably have several. Take one of the sales guys to lunch, pick his brain.
If you are considering doing financing, there are some caveats, but because there are not many people doing it, the venture could be a profitable one.
Countrywide (only doublewides)
Wells Fargo (only doublewides as of next week, I believe)
Vanderbilt Mortgage (used by dealers, don't know if you can deal with them directly or what they are loaning on now)
Sorry this isn't more help. I was a general manager of a MH dealership. Laid off due to closing down. Financing major problem due to excess repos.
Good Luck !
[addsig]
Sorry about the 3 posts. My ISP just messed up
[addsig]
Joan ALyce,
I would love to benefit from your expertise.
What kind of deals can a person expect to find for these repos? There are companies all over the country in the same boat.
For instance, I see a 94 3/2 repo listed at 11,500 on the Oakwood site. Just for fun and using your educated guess, what would you offer for this MH?
M&T finances..
How recent is that list posted? I know Saxon and Conseco stopped doing mobile home loans earlier this year along with 80% of other mobile lenders. I know the Saxon rep told me they were going to be coming out with a program for mobile homes but he did not know when or what the programs would be. I no longer use Saxon because I have found more competitive lenders in the same niche who are less expensive. They" will" underwrite very fast, but you the client pays "highly" for that service.
This is just my two cents, if they do mobile home loans again great - that country needs lenders for this niche.
PS: I do not finance mobile homes.
Phil
The way I have purchased a park here in NC is by going to a smaller local bank. Find out what bank is trying to grow the most in your area. If you see a lot of signs of that bank around town, speak to someone on the premise and find out the persons name. Also the commercial area of a local bank is a great place to begin the search for mobile money.
Chase bank, 21st mortgage and Origen finance are doing chattel as well as land home deals in Texas at least. Conseco finance, now Green Tree ... again, is said to be gearing up to do chattel business again in the near ****Must Reach Freshman Investor status before posting URL's***hey won't be buying as deep as they once did..
Can you believe that GreenTree is going to try again!?!?
that's all the way incredible.
Quote:
On 2003-12-10 20:08, JoanAlyce1 wrote:
Countrywide (only doublewides)
Wells Fargo (only doublewides as of next week, I believe)
Vanderbilt Mortgage (used by dealers, don't know if you can deal with them directly or what they are loaning on now)
Sorry this isn't more help. I was a general manager of a MH dealership. Laid off due to closing down. Financing major problem due to excess repos.
Good Luck !
Vanderbuilt Mortgage and Finance (VMF)
has a direct lending department. Dial 865-380-3000 and ask for direct lending.
In Illinois a bank called Oxford in Addison Illinois does mobile homes and so does Harris Bank in Roselle, IL.
Often financing is done by a very few local banks.
someone earlier suggested a Call to the local mobile home lots/parks- ask who they and their residents use. Often they can help with at least a couple of finance institutions.
There is also a book called the Critendon directory (some libraries have it as a reference book since it costs hundreds of dollars to buy) The Crittendon Directory lists financial institutions and their offerings from state to state, city to city.
Good luck
mur
We've received notices from most conventional lenders that we can no longer sell them mobile home loans. However, lenders will take them under FHA guidelines for now.
There's a big titling issue going on in most states, where the land is titled as real property but the mobile home as personal property (like a car).
We've been told since last July that "its getting worked out and we'll be ok soon."