They were at one time one of the leading provider of loans for manufactured homes in parks, but now they have departed this field and may never return to California.
Headquartered in Tennessee (where several manufactured home lenders are headquartered), this lender bailed out of lending last year with the intent of re-entering. But a recent management decision has been announced stating that this lender will be offering loans for manufactured homes in parks in most states, but NOT in California.
And why not in CA? Because of losses. Apparently their repossession inventory keeps growing and growing.
This is a set-back for the MH finance industry in CA. They were a good lender, and the only lender that would take self-employed borrowers who couldn't prove their income.
But the news isn't all that bad. We still have three solid lenders for MH's in parks. One lender will go back to 1970 in ageing.
Call me any time to discuss MH lending.
Dave Shanklin
Mobile Brokers Acceptance
8522 Madison Ave
Fair Oaks, CA
1-800-401-3372
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