January 13, 3011 Louisville, KY The first ever comprehensive m/h land lease community finance seminar featuring the FHA 207m Loan Guarantee program, debuts in Louisville today. It will be held at the Crown Plaza Hotel, adjacent to the KEC Fairgrounds, and concurrently with the nearby Midwest Manufactured Housing Show on January 13th from 1:00 pm to 5:00 pm.
This little known loan guarantee program which is funded by private lenders on HUD pre-approved projects, may be used to acquire, refinance or build new m/h land lease communities. “We want to assist those community owners with due or past due loans to easily refinance their existing debt plus provide up to 90% of the costs of rehabilitation” said Edward Hicks, Principal Consultant of CRG, Inc., Lic. Mortgage Broker, and well known industry author and consultant. “It may also be used by residents to purchase their existing communities” he adds.
The program provides for non-recourse, fixed rate, loans for up to 40 year amortization and term, for re-financing existing debt plus funding on 90% of rehabilitation costs. It may also be used by investors to purchase existing m/h land lease communities at 90% of the appraised value plus 90% of any costs of rehabilitation. “For those considering new community development, the resulting low interest rates and longer amortization and loan term, are ideal”, says Hicks
In the alternative, Hicks says “for smaller communities, with older homes and obsolete homesites, the FHA 221(d)4 program may be used for financing the installation of new homes, with foundations, and infrastructure as rental units”. Details about the why, when and where to use the under-used (for manufactured housing) multifamily HUD program will also be included in the seminar.
“In today’s difficult housing market, the many advantages of m/h land lease community living is beginning to appeal to a wider market than ever before”, says Hicks. He adds: “Attending this seminar can provide investors and community owners as well as residents with an important management tool in their arsenal”.
The first 25 paid attendees will also receive a free “Hicks Memory Calculator” for use by sales representatives in the negotiation for the purchase of new or used homes within a community. For more information on the calculator go to: http://www.youtube.com/user/Easteddie
National and State Association executives may attend gratis, with pre-approved registration. Those who have previously purchased Mr. Hicks books, will be given a $29.00 discount on the afternoon’s $149.00 seminar fee.
For more seminar information, visit fha207m.com/Seminar And, for more information on Consultants Resource Group, Inc., visit www.mobilehomepark.com/
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About Edward Hicks and Consultants Resource Group, Inc.
CRG, Inc. has been providing m/h community development and marketing services since 1981. Based near Tampa, FL, Edward Hicks, Principal Consultant is a licensed mortgage broker, licensed real estate broker, community developer, manufacturer, and retailer since 1963. He is also the well-known columnist “Ask Eddie” for the Journal of Manufactured Housing, and is a frequent contributor to industry websites: M/H Global Housing Network, and the ezine: MHMSM.com. Co-author of “Development, Marketing, and Operations” of Manufactured Housing Communities, he is also often a featured speaker at various national and state association meetings.
