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Cup of Coffee1) Who, What and Where: (Your name, and your role/job title at Precision, any group or association roles, etc.)

My role at Precision Capital Funding is varied, depending on what part of the business I am focused on. The role I am most passionate about is educating those in the industry who don't understand, of the importance that properly executed owner-funded lending is to the industry. I truly believe the industry will not survive unless community owners and retailers alike accept the fact that outside finance is helpful only with high-grade credit customers.

I don't mean to negate what outside lenders are doing, but the stark reality is they are only financing about 6% of the potential customer base that should be financed, and that is not their fault. They have to dance to the tune their money sources play, and that tune is not going to change much in the next ten years. Even if Title I finally emerges in the next couple of years, the two or three lenders that will possibly participate will only double what they are doing now, leaving a substantial potential customer base un-financeable.

The secondary role I am passionate about is educating those who are already involved in owner-funded lending that they need to be doing it correctly, and the great majority are not. This is almost more challenging than convincing others to get into the business, because there are huge egos at play, and a lot of fear. Most of them know they aren't doing it right, but they hate to admit it.

The downside for the industry is, the owner-funded lending they are doing is not as effective as it should be. Many of them are unable to understand how they can finance new homes complete with 20 or 25-year terms safely. As a result, much of this effort is spent on rehabbed repossessions rather than funding new manufacturing efforts which does little to help the industry as a whole.

The second industry downside is, someone is going to get caught with the implementation of the SAFE Act with no regulatory licenses, unenforceable contracts, and a slew of compliance violations. They could very well end up bankrupt and in prison. Unfortunately, their personal tragedy could expose the widespread problems in our industry regarding owner-funded lending, and we could see the media clamoring for government regulation and oversight that will make the SAFE Act look like a cakewalk.

Right now, there is an effort underway by a number of very large community owners trying to get the government involved in the purchase of owner-funded loan portfolios. They wisely decided at the MHI meeting in San Diego to limit the participants because they did not want people in government to be looking at what most of the industry is doing. If the problems were exposed, I would bet it would kill any of the hopes they have for government monies.

I should also tell you, I am in a very fortunate position to take all of this on because I have two very capable partners who take care of everything else. Pat Curran and Diane Howell are highly experienced professionals I can always count on to make sure everything else is getting done and getting done correctly. Without their very capable efforts, I could not devote nearly as much time as I do to these issues.

2) Background

Like most males of my generation, I found myself getting a higher education and dealing with the reality of military service in Viet Nam. While that is relevant to a point, I am a very big believer in learning through experience. Some of the most successful people I know, or have known, in this industry never even attended college, let alone graduated. I also know that others in this industry agree with me. One of the most successful people in this industry is both an attorney and a MBA and I have never seen either mentioned in a single bio of him.

Here are some things I do value. My family was in several businesses, one of them banking. I value the lessons I learned about the importance of character in making lending decisions. I was taught that people who don't take care of what they have, won't take care of whatever they buy with money they want you to loan them. That has paid dividends many times, but I never saw that in a business school textbook. I learned that whenever someone seeks an easy answer to problems they will normally end up regretting it. Luck is important, but it is not a substitute for hard work. The term genius is often bandied about, but real genius is the ability to make time count by doing it right the first time. If you can't make up your mind in 10 minutes, you are trying to reach a decision on something you are not qualified to make a decision on. None of these did I learn after tacking a degree to my name.

3) When and How:

I was doing some consulting work for one of the early large community groups in the mid 1970s and discovered the money that could be made in developing and owning communities. That led me to switch gears and get into the park business, which brought me into this industry. Over the years, I served on two state association boards, the Lender's Council at MHI, and worked with one of the large retail lenders helping them in their efforts to grow to a large presence in our industry.

Like others in our industry, I have had other business interests concurrent with my roles in manufactured housing. One of the things that allowed me to do that is to always have good partners who I know I can count on to take of the things I wouldn't have time for otherwise. My participation in the creation of a new GM dealership in the mid 1980s was a perfect example of this.

In early part of the decade, I had majority control of three rural telephone companies, a strong role in a company developing a wireless VPN network to serve rural banks, a finance company not related to manufactured housing, and a political consulting company. I also served the industry through Precision Financial Corp and in putting together the Illinois Manufactured Housing Quality Assurance Board after being appointed by the Governor of Illinois to that position.

Late in 2006, I had divested myself of almost all of my active business interests with the thought of retiring to Hawaii. A realization that the manufactured housing industry was about to encounter the roughest times it had ever experienced caused me to rethink that retirement, and Precision Capital Funding was born out of a joint commitment by Pat, Diane, and me.

4) What are your personal interests or hobbies? How do you like to spend non-work time?

Mostly, my hobbies are on a back burner until more progress is made with getting the industry on board with owner-funded lending. If I had the time, water sports like skiing, swimming, and scuba diving would take up part of my time. I used to surf, but I think I am getting a little old for that. I also used to hunt dangerous game as anyone who has ever been in my home knows, but I have lost my taste for killing. I am also a life-long horseman who also used to compete in cowboy mounted shooting, and am a charter member of the Cowboy Mounted Shooting Association and a life member of the Single Action Shooting Society. I am also very interested in Habitat for Humanity and Food Banks, helping to start and fund the first regional food bank in Illinois back in the early 1980s. I also play the guitar for relaxation.

5) I found it interesting that you liked Sun Tzu's book, The Art of War. Please tell us why you like The Art of War, please? What significance do you think it has for a professional? And I mean a non-military professional!

It is a textbook for running a company that teaches the value of strategic long-term thinking. Any military training is valuable, and officer's training even more so for developing thinking processes that directly translate to the business world. Sun Tzu was one of the truly great military strategic thinkers of all time, so why not learn from him?

6) What do you consider the largest challenges facing the industry today?

The diversity of the ownership makes it difficult to speak and act with a common voice and goal. Change is often difficult when many of the voices were wildly successful for years and are now aging and less ambitious. Their natural inclination is to maintain the status quo rather than examine the changed circumstances and react according. At the same time, we have mixed messages coming at everyone from a number of different sources, and it is hard from those willing to adjust to determine which messages and which advice is worth following.

As an industry, we are taking medications to lower our cholesterol. We know we need to exercise, but only a few of us are doing so, while the rest cower in fear and confusion. We are having occasional chest pains that some of us are trying to ignore and others are worried about. We are about a year away before the ambulance arrives to take us the hospital. If we have done the right things, we might survive.

7) Okay, you are on record as being in favor of advancing financing options, notably 'captive finance.' What other issues to you see as big challenges to community operators?

The challenges will vary with the operator. Some face refinance crisis and that has to be their biggest problem. If they can't refinance when the loan comes due, they are out of the ballgame.

If, the retail finance problem is solved, then advertising, marketing, and sales becomes a huge issue for many. While a notable few have these problems under control, most range from mediocre to just plain horrible at addressing these issues. In some areas, there are independent retailers who could help, but usually neither side understands how to work with the other side and with a few very bright exceptions, those types of efforts often fail.

Recovering from the infill problems will require a combination of available outside finance and owner-funded finance first, with a follow up punch of advertising, marketing, and a sales effort that actually delivers results. Without proper infill, refinance of communities will get more and more difficult.

8) How would you like to see the industry respond to these and other challenges?

First, industry associations have to get both relevant and solvent. Without representation in both the national and state capitals, our industry will develop even more problems. One of the long-time problems of associations is the difficulty of defining and balancing leadership roles. I have been active in state associations where the hired execs ran the place like their own personal fiefdom, and others where the execs did exactly what the most powerful member told them. Neither model is healthy. A few actually have found the balance and while no association is rolling in funds or members, they are healthier than the troubled ones. We need associations to survive, but we also need a good balance of sensible leadership so our dues and contributions are not squandered.

Some association execs are very good at using smoke and mirrors to preserve their jobs, but we need them to stop worrying about keeping their jobs and focus on doing the job they were brought in to do. Other execs are doing a terrific job with very limited funds and they need and deserve the financial support they should be getting.

While the rules on PACs have just changed dramatically, there is no question that all of the PACs are almost a joke in terms of the money they have available. There should be far more industry effort to make sure the PACs have the money they need to compete and achieve the industry's legislative goals.

I would like to see industry meetings of representative leaders of all factions of the industry sitting down and hammering out a common addendum for state and national associations to follow. This could be through MHI, but I would suspect it would have to be outside of their aegis in order to get some of the important players to the table.

9) What do you think the broader industry can do to improve the climate for Manufactured/Modular Housing today?

Push for and support the concept of properly run captive finance operations. Push most importantly the importance of necessary education.

10) Does the regulatory environment our manufacturer's face concern you? What advice or comments would you give to MHI, MHARR or state associations?

Listen better to all of your membership.

11) While your focus these days is more on finance and the community business, what are your thoughts regarding the industry for retailers and non-land-lease community developers?

I need to alter your question a little bit. Not all retailers confine their efforts to land-home or mortgage programs. For those retailers doing chattel, my feelings about owner-funded finance companies are the same as they are for communities. They have a more immediate need to be running these programs, and in fact, some of the largest retailers are already doing so.

For those doing deals that include the land, I am no ultracrepidarian. This area is beyond my expertise. I do wonder if HUD Code housing ought to be reserved for land lease community use, and modular housing ought to be the product promoted for use outside of communities, but I have no experience or expertise to back that up.

12) Don Westphal recently said, and I am quoting here: "As a seasoned industry member, I am reluctant to say that I believe we may need a 'changing of the guard' and the addition of some more flexible and innovative young blood in the mix." Another person you know and respect said something similar, paraphrasing, 'We need our seasoned industry veterans so we don't lose our sense of the industry's history; but we also need new blood that can move us in positive directions.' Your thoughts on such perspectives?

This is an interesting question. As part of the older, much more experienced part of the industry, I think we provide much more than history. I think there is real value in seeking consul from someone who has experience if they actually learned the right lessons from that experience. To me, it is all about results. If I can show someone how to save $25,000 in setting up his or her captive finance operation, and then show them how to handle the details right the first time, and all of that is based on my experience and expertise, that has to be worth more than visiting an internet bulletin board where the blind lead the blind.

That this industry needs to cultivate new blood is absolutely true. It is also true the new blood needs to gain enough experience and expertise to actually know what they are doing before they attempt to take a position of leadership. It is frustrating to deal with people who become instant experts by virtue of a spot in a publication or an internet site, who don't have a clue as to the accuracy of the information they supply. Just as a newly minted 2nd Lieutenant needs to listen to the seasoned combat veterans both above and below him if he hopes to be a good leader or maybe just survive, so to must the new blood be very careful to know what they are talking about.

On the other hand, there are people that have been around the industry a while who never actually learned anything from their experience that is worth listening to. I know some long term community managers that talk like owners but have no clue about the actuality of being an owner. There is a very big difference between people who sign the front of a paycheck and people who sign the back of one, and it would be hard to imagine the latter addressing ownership level issues.

There are also a few old-timers who somehow did everything wrong and still survived that are giving advice today that is as bad as some of the advice being given by some of the young blood. When it comes right down to it, the other key is the caliber of the individual. A high caliber new entry will learn fast what some of the lower caliber long timers have never learned.

12) Another respected industry veteran told me recently that what we have isn't a product problem, but rather a communications problem

Perhaps. It is certainly true that the vehicle industry doesn't have a problem getting the buying public to distinguish between a truck and a car, or between a Chevy Geo and a Bentley. No one really mistakes the differences between a used car and a new one, yet the public seems oblivious to all of these differences. Worse, everyone accepts the fact that Model Ts had no windows or heaters and had to be cranked to start without expecting the same of a new car. Our industry doesn't seem to be able to help the public understand the difference.

Daily Business News Briefs

Manufactured Housing Stocks Rising before Labor Day Weekend

Manufactured Housing Stocks Rising before Labor Day Weekend

The Dow slipped, while other U.S. exchanges rose and most tracked stocks went up in advance of the Labor Day weekend. Dow 17,063.88 -15.69 (-0.09%). Nasdaq 4,572.95 +15.25 (+0.33%). S&P 500 1,999.93 +3.19 (+0.16%). Yahoo! Finance’s Manufactured Housing Composite Value: 831.1. Today’s Change: +0.12%. Affiliated Managers Group (AMG)...

29 Aug 2014

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Judge says MH class-action lawsuit heading for trial

Judge says MH class-action lawsuit heading for trial

Following up on our previous report on Moscow, Idaho’s Syringa Mobile Home Park legal fracas, Latah County 2nd District Judge John R. Stegner has told attorney’s representing community owner Magar E. Magar and roughly 140 residents that the case is heading to trial to settle the claims and damages. Elizabeth Rudd of the Tribune  tells ...

29 Aug 2014

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Allegations of Flooded, Fixed, Flipped ‘Mobile Homes’ hit state, internatio…

Allegations of Flooded, Fixed, Flipped ‘Mobile Homes’ hit state, international news

The City of Federal Heights is changing building inspection rules in response to a televised investigation in a manufactured home community by 9Wants to Know, exposing safety concerns when flooded “mobile homes are resold to unsuspecting families,” NassauNewsLives tells MHProNews. Hundreds of flood damaged homes were sold rather than scraped. Tho...

29 Aug 2014

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Freddie Mac’s new Manufactured Housing finance program orignated by Walker …

Freddie Mac’s new Manufactured Housing finance program orignated by Walker Dunlop

The new Freddie Mac manufactured housing community (MHC) finance program announced last spring has been originated by Walker & Dunlop (W&D). The loan was for $10.5 million on Longhaven Estates, an MHC in Phoenix, AZ. The financing was secured for Cobblestone Real Estate, LLC, based in Oak Brook, IL, and Tricon Capital Group, based in...

29 Aug 2014

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Canadians Investing Large in U.S. Housing Markets

Canadians Investing Large in U.S. Housing Markets

“In the U.S., given the affordability and the fact that prices in the suburbs went down more significantly than in the cities you will see more and more options and opportunities outside big cities,” said Benjamin Tal, Canadian Imperial Bank of Commerce (CIBC) analyst. With Canadian markets hot – and some fear over-heating – the [...

29 Aug 2014

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Manufactured Home Community Rent Control on Public Meeting agenda

Manufactured Home Community Rent Control on Public Meeting agenda

The City of Santa Clarita, CA, will host three public comment meetings to discuss draft updates to Santa Clarita Municipal Code 6.02, the Manufactured Home Park Rent Adjustment Procedures. Meetings are open to the public, as well as to residents of manufactured home communities, business owners and managers. The City of Santa Clarita and...

29 Aug 2014

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“The Big One” Cyber Attack coming? Markets and MH Composite all slide

“The Big One” Cyber Attack coming? Markets and MH Composite all slide

Big banks are poised to earn even more, cyber security experts say the ‘Big One’ is coming and fears from the Ukraine were among the factors cited by MarketWatch  moving investors. The three major indexes all lost ground today. Dow 17,078.87 -43.14 (-0.25%). Nasdaq 4,557.70 -11.92 (-0.26%). S&P 500 1,996.76 -3.36 (-0.17%). Yahoo! ...

28 Aug 2014

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New York Times reports Long Island “Mobile Home Park” resales command $1 Mi…

New York Times reports Long Island “Mobile Home Park” resales command $1 Million

It isn’t just Aspen, Colorado or Malibu, California that one sees 7 figure sales involving manufactured homes in ‘mobile home parks.’ The New York Times  reports to MHProNews  that living-in or getaways-to Montauk Shores manufactured home community on the East End of Long Island has been enjoyed by celebrities such as Andy Warhol ...

28 Aug 2014

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TV ad buys down, Online Digital Media Up, Marketers say

TV ad buys down, Online Digital Media Up, Marketers say

In a trend with implications for manufactured homes and other housing marketers, the U.S. TV industry has seen its first big drop in ad buys since the great recession of 2009. More is being allocated to internet based strategies, FT  tells MHProNews. The Wall Street Journal has previously reported on this trend, which according to Media […]...

28 Aug 2014

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“What Recovery?” Unemployed ask Federal Reserve at posh Jackson Hole confer…

“What Recovery?” Unemployed ask Federal Reserve at posh Jackson Hole conference

  Unemployment is a factor in home purchases that industry leaders such as Cavco Industries Chairman and CEO, Joe Stegmayer, cites as a reason for the current level of home buying. While millions have reportedly given up on finding work, others have taken their case public, with a recent example at the Federal Reserve’s Jackson […]...

28 Aug 2014

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Nimby Leading Loss of Affordable Housing? County buys MHC to close it

Nimby Leading Loss of Affordable Housing? County buys MHC to close it

De Kalb County, Illinois purchased to close “flood prone” Evergreen Village Mobile Home Park in Sycamore, the Daily Chronicle tells MHProNews. “I don’t have much of a choice, because we’re in a flood plain and I can’t fix houses,” the property owner, Frank Santoro said. “I have to accept what they are going to gi...

28 Aug 2014

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Featured Articles and Reports - August 2014 Vol. 5 No. 11

Prev Next Page:

Enhanced Manufactured and Modular Home Marketing and Sales Results

Enhanced Manufactured and Modular Home Marketing and Sales Results

by L. A. “Tony” Kovach American companies spend 2 billion a year on training. So why don't more manufactured and modular home (MH) retailers and communities invest properly in sales training? Read more

MARKETING

Bacon is so popular!

Bacon is so popular!

by Nadeen Green, JD Yes, indeed bacon is popular. An entire culture has been developed around this pork product in America, and once limited to breakfast and cheeseburgers, bacon has now... Read more

COMMUNITY MANAGEMENT & FAIR HOUSING (LEGAL)

Architects Have a Duty of Care to Future Buyers of Condominiums for Neglig…

Architects Have a Duty of Care to Future Buyers of  Condominiums for Negligent Design

by Bill Dahlin, Esq. On July 3, 2014, the California Supreme Court decided the case entitled Beacon Residential Community Association v. Skidmore, Owings & Merrill. Read more

COMMUNITY MANAGEMENT & FAIR HOUSING (LEGAL)

A New Strategy for Community Owners

A New Strategy for Community Owners

by Steven Lefler Our society has labeled housing for as long as I can remember. I grew up believing “Site Built Homes” typically register in people minds to be “better built,”... Read more

COMMUNITY MANAGEMENT & FAIR HOUSING (LEGAL)

The Impact of a 1.3 Billion Dollar Manufactured Home Communities Acquisitio…

The Impact of a 1.3 Billion Dollar Manufactured Home Communities Acquisition

by L. A. 'Tony' Kovach We've been reporting off and on for the past few months about rumors and tips that suggested that a deal in the $500 million to the... Read more

COMMUNITY MANAGEMENT & FAIR HOUSING (LEGAL)

July, 1960 Popular Mechanics highlights Evolution of the Travel Trailer

July, 1960 Popular Mechanics highlights Evolution of the Travel Trailer

By Paul Bradley In a 1960 article titled, “Trailers Join the Country Club,” Popular Mechanics described the evolution of the travel trailer this way: “All this started years ago when people with... Read more

COMMUNITY MANAGEMENT & FAIR HOUSING (LEGAL)

CFPB Proposes New HMDA Requirements: Changes Exemption Threshold and Incre…

CFPB Proposes New HMDA Requirements:  Changes Exemption Threshold and Increases Required Disclosures

by D. J. Pendleton, JD On July 24, the CFPB published a proposed rule that, if later adopted, would change the reporting requirements for those who provide loans to purchase homes. Read more

FINANCING

The Lessons of Valdez - Some things are out of Whack!

The Lessons of Valdez - Some things are out of Whack!

by Ron Thomas, Sr. Let me start this topic with a strong statement. Although I am not what some might call an “environmentalist,” I do appreciate all of the efforts that... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

2015 Louisville and Tunica Manufactured Housing Trade Show Updates

2015 Louisville and Tunica Manufactured Housing Trade Show Updates

by Dennis Hill We keep getting calls from industry professionals and others regarding the Louisville and Tunica Manufactured Housing Shows for 2015. Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

An Opportune Moment

An Opportune Moment

by Bob Vahsholtz The road ahead is hard—the opportunities boundless. The whole housing industry is on the rocks, and the nation’s economy festers. The world is mired in debt; our most... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

A Cup of Coffee with… Tim Connor

A Cup of Coffee with… Tim Connor

1) Who, What and Where: (Your name, and your role/job title at organization or firm and where you are based.) Tim ConnorCEO of Connor Resource GroupDavidson, NC. Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

A Second Cup of Coffee with...Bill Matchneer

A Second Cup of Coffee with...Bill Matchneer

1) Who, What and Where: (Your name, what you've done in the federal government as it relates to manufactured housing and where you currently hang your hat). Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

A Cup of Coffee with… Paul Bradley

A Cup of Coffee with… Paul Bradley

1) Who, What and Where: (Your name, and your role/job title at organization or firm and where you are based.) Paul Bradley, President, ROC USA, LLC, Concord, NH. Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Tech Talk! Don't You Hate - Viagra, Cialis or Zyrtec links - appearing on y…

Tech Talk! Don't You Hate - Viagra, Cialis or Zyrtec links - appearing on your  web browser or smart hand-held device? A Tech Fix Tip!

by L. A. “Tony” Kovach It is often NOT what you think! Not many self-respecting webmaster wants to plug certain drugs or other products on their website. Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Wind Speed and Add-Ons to Manufactured Housing – Response to the NBC News …

Wind Speed and Add-Ons to Manufactured Housing  – Response to the NBC News Today Show report of testing by IBHS

by Ron D'Ambra After reviewing the NBC Today presentation, one could conclude that without question, of  course the roof would blow off when the carport roof failed, because they compromised the... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Strategic planning vs. strategic doing

Strategic planning vs. strategic doing

by Tim Connor, CSP Strategic planning is a vital management function. Over the years I have worked with a number of corporations facilitating their strategic planning events as well as following... Read more

MANAGEMENT

ZigOn Employment Security

ZigOn Employment Security

by Zig Ziglar We frequently hear that "people refuse to change because change is stressful." I would like to suggest that not to change is even more stressful because the world... Read more

PERSONAL REFLECTIONS, MOTIVATION and INSPIRATION

Who is your competition?

Who is your competition?

by Tim Connor, CSP There is a tendency for many salespeople to see their competition as only those businesses selling a similar product, service or idea. In other words, salespeople selling... Read more

SALES

Upcoming Events

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MHLIVINGNEWS.COM FEATURED HOME OF THE WEEK

Classifieds

Press Releases

RV/MH Heritage Foundation Inducts the Cl…

RV/MH Heritage Foundation Inducts the Class of 2014 into RV/MH Hall of Fame

(Back row l-r) Thomas "Tom" L. Kern, Style Crest Enterprises; Ed Evans, EPM; Gary McDaniel, YES! Communities ; Richard "Dick" King, King Insurance (second row row l-r) Barry Cole, Manufactured Housing Insurance Services; Bob Livingston, Good Sam; John D Roba, Roba and Associates (front row l-r) Mrs. James F Shields. accepting on behalf of her husband,James F Shields (deceased), Pan Pacific RV Centers; Debbie Brunoforte, Little Dealer, Little Prices and Peter B Orthwein, Thor Industries. ELKHART, Ind., August 5. 2014 -- The Class of 2014 was inducted into the RV/MH Hall of Fame (Hall) last night in Elkhart, Indiana, in a gala ceremony before a record breaking crowd of more than 440 family members, friends, and colleagues from across the country. The Class of 2014 includes: Debbie Brunoforte, Little Dealer, Little Prices;...

the MHMSM Team 05 Aug 2014 Corporate Press Releases

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Steve Lefler - Modular Lifestyles and Ne…

Steve Lefler - Modular Lifestyles and Newport Pacific – Successfully Gaining Acceptance for Super Energy Saving, Green Manufactured Homes

Learn more at the article linked here, or by calling Steve Lefler, Vice President of Modular Lifestyles, Inc., a division of Newport Pacific Family of Companies at Ph. (888) 437-4587. Email steve@modularlifestyles.com. Steve is a Dual DRE and HCD Salesperson. Advanced Green Building Professional. CEC Solar Wind Retailer/Installer. http://www.modularlifestyles.com ##

the MHMSM Team 01 Aug 2014 Corporate Press Releases

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Sun Communities, Inc. to Acquire America…

Sun Communities, Inc. to Acquire American Land Lease Manufactured Housing Portfolio from Green Courte Partners for $1.32 Billion

Increases Sun Communities' portfolio to 245 communities totaling nearly 90,000 sites in 29 states with a combined enterprise value of approximately $5.1 billion Southfield, MI, July 30, 2014 - Sun Communities, Inc. (NYSE: SUI) (the "Company") today announced that it has entered into an agreement to acquire a portfolio (the "ALL portfolio") from Green Courte Partners, LLC ("GCP") sponsored funds. The ALL portfolio consists of 59 manufactured home communities, including those acquired from American Land Lease, Inc. by GCP in 2009. The communities comprise over 19,000 sites in eleven states, including nearly 11,000 sites located in Florida. Over 14,000 sites, or 73%, of the ALL portfolio are age-restricted.  In connection with this transaction, the Company will assume GCP's right to acquire an additional manufactured home community pursuant to a binding purchase...

the MHMSM Team 31 Jul 2014 Corporate Press Releases

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Mountainside Financial launches Dodd-Fra…

Mountainside Financial launches Dodd-Frank compliant non-MLO, MLO SUN Manufactured/Mobile Home Direct Loans and Refinancing

Using online articles, banner ads and video, Mountainside Financial is announcing the launch of the evolution of their direct lending platform promotion. As a division of San Antonio Credit Union (SACU), Mountainside has a unique 14 year history of making direct to consumer loans on manufactured and mobile homes. Direct loans are often done in "partnership" with brokers, communities, Realtors ®, other housing professionals and manufactured home retailers who refer consumers to them. Anthony Ducharme, Direct Channel Manager for Mountainside, explained how they created their new SUN System with Manufactured Home Professionals in mind who needed a compliant process to navigate SAFE Act and Dodd-Frank regulations enforced by the Consumer Financial Protection Bureau (CFPB). "If you've been originating your own loans, talk to us. If you want to have a legally complaint...

the MHMSM Team 08 Jul 2014 Corporate Press Releases

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Call for Nominations for the RV/MH Hall …

Call for Nominations for the RV/MH Hall of Fame Class of 2015

ELKHART, Ind., -- The RV/MH Hall of Fame Selection Committee has issued a call for nominations for the Class of 2015. Darryl Searer, Hall president, said, "The Hall welcomes nominations from all RV and manufactured housing sectors -- manufacturers, dealers, campgrounds, housing communities, suppliers, user groups, trade media, associations, etc -- for the class of 2015 and beyond. "The nomination guidelines and forms available online atwww.rvmhhalloffame.org/pages/nominations.cfm." According to the guidelines, anyone can nominate a person to the Hall of Fame that meets the eligibility requirements. The only people who may not be considered are those who currently serve on the Hall's Selection Committee. To be eligible the nominee must be, or have been, an active participant in any segment of the recreation vehicle, campground or manufactured housing industries for a minimum of 25 years....

the MHMSM Team 08 Jul 2014 Corporate Press Releases

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Southwest Region Manufactured Home Commu…

Southwest Region Manufactured Home Communities Showing Rent and Occupancy Growth, Outpacing National Average, According to JLT & Associates’ 14-Year Market Summary Report

Grand Rapids, Michigan – JLT & Associates (JLT), the nation’s #1 market research company for the manufactured housing industry, today announced a 14-year summary report of its manufactured home community rent surveys for 6 Southwest markets. Recognized as the industry standard for manufactured home community market analysis for over 20 years, JLT Rent Surveys provide detailed research and information on communities located in 72 markets throughout the United States, including the latest rent trends and statistics, marketing programs and a variety of other useful management insights. The most recent JLT Rent Surveys for the Southwest region cover 261 manufactured home communities encompassing 69,728 homesites in Albuquerque, Greater Kansas City, Greater Phoenix, Las Vegas, Tucson and Salt Lake City. This summary report is based on rent and occupancy trends from 2000 to 2014. Findings...

the MHMSM Team 01 Jul 2014 Corporate Press Releases

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