It is always a pleasure to work with forward thinking, goal and solution oriented professionals. Let me confess that we can't fully take the wraps off this story just yet, but here comes the meaty sneak peak. Get a glimpse into what has already been dubbed by the few who know about it as The Meeting of 6 – “A Game Changer.”
It was Wednesday afternoon, on December 7. In under two hours, the CEO of a growing home lending company, 4 of his key management team members and myself had gone through the possibilities and challenges to a financing program that could get the Industry moving again in 2012.
Yes, something established – yet brand new – for almost everyone, is on the horizon for manufactured home lending.
Retailers and manufacturers should plan now to be at the Kentucky Exhibition Center in Louisville on Wednesday January 11th at 3:45 PM. For Community owners and executives with vacancy challenges, seeking 3'd party non-recourse lending, this could be the MUST ATTEND event of the year.
Imagine 30 year fixed rate lending, low to mid single digit rates (based on the current status), with low down payments – non-recourse – in land-lease communities. Yes, something that mirrors what you could do with fee simple transactions – but this time – doing it in a manufactured home land-lease community setting.
“What's the catch?” will be the first question on many's minds. Or “This sounds too good to be true.” will be what others will say. Are there hoops to jump? Of course. This will take owners and operators as visionary as the lender is. It will take professionals who care about the long term success of such a program and will 'do it right.' But as the award winning community operator who knows this might smile and say, “This is a game changer” for those with vacancies who want to profitably sell more homes.
Do the Math
Get out that finance calculator and do the math. Try – for example – a 5% 30 year fixed rate, with say 5% down payment. Add on your site fees and service fees. With even a nice home to sell, you can have a rate that rivals site built lending, and a payment that can beat those site built houses and rentals.
Community Owner/Operators – A Must See
What this can mean is you can start selling new homes, not just pre-owned.
You can sell nicer homes, not just 'entry level.'
This will be an amazing compliment to anything else you are doing with in house lending, RTO or third party chattel lending. Since activity breeds activity, this will no doubt create more action, sales and profits, especially for those who get in early and make it happen.
The lender is still navigating the i's and t's, with the happy cooperation of an equally forward thinking client of MHMSM's contract community marketing and sales consulting program. As noted above, this is an award winning player.
My thanks to that client, who with his permission, we will reveal at the appropriate time.
I'm hoping that the lender and our manufactured home community owner/client will as time moves on be acknowledged for their vision and efforts on behalf of our Industry!
Timing
The goal is to have this ready to roll out asap. As noted above, the meeting of 6 was to discuss some wrinkles to see how they could be dealt with. But the consensus of the team was, this is doable. The Community owner involved felt the same.
We will keep you posted here at MHProNews.com.
A handful of other lenders were approached on this concept, but this firm's CEO said, “I'm all in.”
Who is this visionary CEO and his lending team?
The firm has some 30 years in home financing. They are already doing manufactured housing, and love it. The CEO has set the goal of being 'in the top 3 lenders' for their focus in manufactured housing by the end of 2012.
Land/home programs for manufactured housing builder/developers and street retailers will make them popular.
Combined the fee simple financing with the program being prepared for land-lease communities can cause sales to blossom, factories to hum and vacancies to fill again.
For almost everyone involved in transport, installation, retailing, community operations, pre-registration and attendance is free. To sign up before January 2nd – go to this link:
http://www.prereg.net/2012/lmfs
FYI – preregistration for Louisville is UP! Even though the economy is tough, and the recent RV show was down, the Louisville Manufactured Housing Show is up year of year at this point over 2010!
There is a lot more news on Louisville – including more on this topic – that we will be rolling out very soon. The manufactured housing spaces are nearly sold out – just one left – while the booth spaces are down to two. Call Dennis Hill asap (see the link below) if you need a spot for a home or booth.
Go to the Louisville Manufactured Housing Show page for hotel and other information at this link to learn about other events. This story is so hot and fresh, it hasn't yet hit the Louisville page updates!
I'll be at Louisville, where I plan to introduce you to this visionary lender and his team, to show you the glories of great fees simple programs. And we also plan to unveil this land lease non-recourse program that has been called “A Game Changer!'
I hope you will make plans today to be there too. Please stop by our booth or attend our How to Attract More Customers with Good Credit presentation and say hi. # #
post by
L. A. “Tony” Kovach, MHM
www.MHProNews.com
www.MHMarketingSalesManagement.com or www.MHMSM.com
Innovation – Information – Inspiration for Industry Professionals
Office – 815-270-0500
latonyk@gmail.com or tony@mhmsm.com
http://www.linkedin.com/in/latonykovach
