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Posts Tagged ‘CU Factory Built Lending’

2013 CFED-I’m Home Retreat Snapshot

October 20th, 2013 No comments

Following a retreat for Next Step and its Partners, I was privileged to participate in the CFED I'm Home Retreat in Denver. Imagine a “for profit” mind immersed in a “non profit” retreat. It would have been easy to allow your head to spin if the topics discussed were not so familiar.

The Retreat was fully immersed in the role manufactured housing (MH) could play for the working poor as an answer for initial and replacement housing.

George McCarthy, from the Ford Foundation, gave some great statistics about those living in MH and the percentage of those populations in communities. These stats further magnified the continuing role MH communities’ play in general housing and manufactured housing specifically.

However, energies soon were redirected to the discussion on funding, both for inventory and retail; appraisals; placement, yadda yadda yadda.

As Barry Noffziger, from CU Factory Built Lending suggested – if you close your eyes, you could have sworn you were in any MH association meeting. The concerns and challenges seemed to be the same as the “for profit” side of the industry. The plea was to unite in order to facilitate change.

It was an interesting juxtaposition to find myself in the middle of a segment of the industry I knew/know little about; but yet I could appreciate their passion.

Their energy was unbelievable. Positive – glass seemed to be half full everywhere I looked.

Paul Bradley from ROC was there and talked about their success and plans for the future. 

There was a testimonial about efforts to re-house victims in a MH community affected by Hurricane Sandy; flood victims in Colorado and other locations.

Architect Bruce Tolar, of the Katrina Cottage fame, provided an overview on the lessons learned and how the Cottage is morphing for long term housing solutions. It was noted that long after the national news crews left the Gulf area, there are still victims of Katrina struggling to cope with inadequate housing – 8 years following the hurricane – FEMA gone, almost everyone else as well.

chris-nicely-posted-on-mhpronews-comHeck, that was only the first day and sadly, I had to leave. How often do you leave a meeting saying, “I can’t go, I want to hear and learn more."

Curious, the effort in the room was focused on the resident/owner and how MH can deliver more value and provide life with dignity. This, for a segment of the population most writes off as un-qualified buyers.

It was refreshing and left me wanting to know more about what I could do to help. Hopefully, I will get the chance. ##

chris-nicely-posted-on-mhpronews-com-2.jpgChris Nicely
9052 Legends Lake Lane
Knoxville, TN 37922
865.385.9675
cnicely929@aol.com  

A stunning tip by and about a manufactured housing industry chattel lender

August 21st, 2011 No comments

It sounds like Triad Financial Services is making its biggest single-day rate cut in that company’s 50-year history. A reduction of .75% for all categories of loan products for MH’s in parks to take effect immediately, according to a TFS insider. Rate sheets will be out soon reflecting this new change.

This news came out barely two weeks after our industry’s other lender, CU Factory Built, rolled out its new “step-up” loan with very low rates starting at 4.5%.

This is a typical reaction among our MH chattel lenders who are competing for top-tier borrowers (which means borrowers with 700+ credit scores). Without having seen rate sheets, it cannot yet be confirmed if this rate reduction from Triad will affect all tiers of their loan products. However, the source for this story did indicate that the .75% reduction will be “across the board”.

We now have very attractive rates to offer to manufactured home buyers moving into parks. Four years ago, the “floor rate” with our biggest lender was at 10.5%. We can now potentially offer rates less than half what they used to be.

After years of sour news, this is something that should be told to all buyers of manufactured homes in parks. Check back frequently for the latest in this “rate war”.

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Submitted by
Dave Shanklin
NMLS # 314463

 

Chattel Lender Lowers Rates to 4.5%: Best ever for home only Manufactured Housing Loans

August 12th, 2011 No comments

CU Factory Built Lending, has again rolled out a new loan product with eye-popping low rates for manufactured homes in leased land communities. This leading industry’s lender provided this out of their Seattle office.

Their new floor rate is 4.5%. This is a “step-up loan”, not an adjustable rate loan. The low starting rate is locked in for the first five years, then “steps up” to the higher rate for the remaining term at 7.25% fixed.. This lender’s loan products are always fully amortized. The terms are very flexible and not too difficult qualifying; for example, a guideline that there be no mortgage defaults.

For example, a used 1980 multi-sectional in-community home-only could qualify with 10% down. Assuming top tier credit, the applicant can get a 20-year loan at 4.75% for the first five years, and 7.5% for the remaining 15 years. With 20% down, the start rate would be 4.5%, stepping up to 7.25% after 5 years.

Better yet, for a 10-year loan, with 20% down, the first five years will be fixed at 4.5%, and the remaining years fixed at 6.25%. The borrower may pay the monthly payment based on the higher rate, resulting in an accelerated principal reduction, and saving thousands in interest.

We are told this new “One Step Program” loan product is available in all CUFBL states. Cash-outs and refinances are also eligible, case-by-case. In CA, the older “pre-HUDs” are eligible, but with a 1% rate adder.

This will make financing new and used MH chattels much easier. Our industry needs a good shot in the arm. # #

post submitted by:

Dave Shanklin
Mobile Brokers Acceptance
(916) 962-7128