In today’s episode, we will be highlighting our guest’s expertise in financing mobile home sales. Our guest is Scott Macneil, the CEO of Performance Equity Partners. He will be providing some background on the mobile home industry and how PEP has been able to help finance these sales.
Scott explains that the mobile home industry is often overlooked, despite being an affordable housing solution for many Americans. He goes on to describe how PEP provides financing solutions that are tailored to the needs of mobile home dealers, allowing them to sell more homes to customers who might not be able to get traditional bank financing.
We then delve into the specific ways in which PEP’s financing model works. Scott talks about how they evaluate potential customers and dealers, what types of loans they offer, and how they manage risk. He also discusses some of the challenges they face in the mobile home industry, such as the stigma associated with mobile homes and the lack of data available to lenders.
Tune in for another great episode!
Highlights of the episode:
00:00:36 Guest Introduction: Scott Macneil
00:04:08 Financing a Manufactured Home That’s in a Land Lease Community
00:09:03 Restrictions on Payments
00:11:12 Reestablishing Good Credit
00:14:09 Applying Rules Universally and Across the Board
00:16:38 Certain Rate at Certain States Having an Interest Rate Cap
00:16:57 Other Requirements
00:21:35 Lending Program on the Commercial Side
00:22:47 Loan Term and Prepayment Years or Penalties
00:26:09 Manufactured Housing
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