One of my loan reps called me today, saying that his company is "talking" with two new banks who want to lend $4 million per month in mobile home parks.
Now these banks are IN ADDITION to the other new lenders that I have written about recently.
The other new lenders that I have recently mentioned are a credit union in Oregon, and the other is one of the largest banks in the U.S.
The two "new" lenders remain anonymous for now, but I will know their identities pretty soon. These details are kept confidential while negotiations are underway between the company that underwrites and sells the loan, and the actual investors themselves.
The new credit union in Oregon supposedly will be "on-line" next week, and the really good news about this is this credit union will have very competitive rates.
What does all this mean? I interpret these developments as evidence that things are opening up with the manufactured home in-park investors.
With more and more banks in this field, I expect to see much lower rates in the near future. We'll see.
Call any time to discuss manufactured home lending.
1-800-401-3372.
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