- Residential Note Worksheet
- Business Note Worksheet
- Land Note Worksheet
- Commercial Note Worksheet
- Non - Performing Note Worksheet
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Has the disappearance of traditional lenders for manufactured housing hurt your sales?
Are you looking for lenders to
finance your sub prime (poor credit) buyers?
Before you go too far into this page
it is imperative that you understand:
"We do not lend money"
...we do not finance mobile home buyers. That's not what we do. We buy existing dealer or private seller financed notes created from the sale of a mobile home with or without land.
Should you find you have to carry in-house financing to facilitate the sale, we can provide capital from the note through a full or partial purchase. The discounts on mobile home
paper are significant. We've paid as
high as .75/$ and as low as .30/$...every pool is different HOWEVER as stated above:
"...due to tremendous over supply of mobile home paper, mobile home pools are typically trading in the .65/$ range...".
If you're looking for an investor to pay PAR or FACE VALUE (zero discount) read no further.
We are limited in what we can invest by several factors.
Investment to Value (ITV) guidelines determine the maximum that we can invest into one note. Payor credit, equity and age of the homes also effect pricing. The larger and newer the home, larger the equity position
and better the Payor credit, the
better the pricing for the note in question.
If you have sold a land/home package (a mobile home legally affixed to land) the most important criteria is the age and size of the home.
If the home is a 1995 doublewide or newer:
We will bid the note like a typical "stick built" residential note. The typical buying guidelines for these land/home packages is at the Real Estate page
Utilize the Real Estate worksheet . tell us the age, size, make and model of the home and how much land is involved.
If the home is OLDER than 1995:
We will treat the note as if it is strictly a land note. Unfortunately manufactured homes 1995 or older tend to have little to no resale value in the event of a default where we would have to repossess and resell the home.
Maximum Investment to Value (ITV) will be approximately 50% of the land's appraised value.
That doesn't mean we're suggesting you sell the entire note for .50/$, we're simply saying that the MOST we would invest into the note is 50% of appraised value. In most cases that means we'll buy a calculated number of remaining payments (known as a "partial"), based on the appropriate market yield at that time for land notes, investing up to approximately 50% of the land's value.
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Portfolios must be submitted via e-mail, in EXCEL format. Spreadsheets must have the following information to be priced:
- Contract Date
- Last Name of Borrower
- Original Principle Balance
- Current Principle Balance
- P & I Payment
- Original Term
- Remaining Term
- Note Rate
- First Payment Due Date
- Last Paid Date
- Next Due Date
- # of times 30, 60 and 90 days late
- Sales Price
- Cash Down Payment
- Net Trade Down Payment (if applicable)
- Land Value (if applicable)
- Loan Type (Home only, Land/Home, Land-in-Lieu)
- Interest accrual method (Simple, Variable, Rule of 78)
- Credit bureau score at origination of loan
- Current credit bureau score (if applicable)
- New or Used
- Year of Home
- Size of home
- Multi-Section or Single-Section
- Manufacture Name
- State home located in
- Occupancy: Owner or Non-Owner
- Extension Information (if applicable)
- Buy Down Points Financed
- Origination Fees Financed
- Total pre paid finance charge
- Loan Status (Active, Bankrupt, Legal/Replevin, Repo)
- Seller asking price for the pool
must be included
*No exposure suits where lender is the defendant
