Posted by Ken R on May 15, 2011 at 23:14:51:
Have you seen the new Banner program from 21st? There are several
“creative solutions” out there from several lenders. I guess it just
depends on how badly you need those solutions.
If MHI doesn’t get the Dodd-Frank Amendment in place and passed, it
will all be academic come August 1st anyway. Make sure to get those
letters off to congress.
Legacy Homes Retail Finance - Posted by Shawn Sisco
Posted by Shawn Sisco on May 11, 2011 at 10:51:55:
Legacy Housing has a retail finance program for their homes. The payment price point is too high for my market, but it sure is interesting to see some creative finance offerings by a manufacturer.
By the way, what is the PV of these $249 pmts from 94-180?
Home invoices for $28,333
Sales Price is $45,000
D/P is $6750
Monthly pmt. Is $522 Number of payments-180 months
Interest rate 13.9% + 2 points
$25 monthly fee for payment processing
Dealer Gets paid upfront $11,083. this is the total of Down payment $6750 + Legacy funding check $4300
Set-up expenses $4300 ($1600 set, skirt.) ($1500 A/C) ($1200 freight)
Plus 50% of profit of $6783
Total upfront cash $11,083
Dealer Investment in Portfolio $6783 (50% of profit)
Monthly income from this loan is $249 payments to dealer begin at month 94 and continue for 86 months