Start my own mortgage company for mobile home financing?
I am about to solidify the purchase of a fairly sizeable mobile home park in Northern Illinois. I'm thinking about the possibility of also starting a separate mortgage business so I could offer financing for those who would like to buy a new/used homes in the community.
I understand that applicants cannot be steered to any particular mortgage company but I believe I may be able to be a bit more flexible with a lending program and that should attract some good customers.
Opinions would be appreciated
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What do you mean applicants cannot be steered to a particular mortgage company? As a park owner, you can suggest a particular bank, especially if you have used them before and are happy with their service. Am I missing something? Where did you hear that you could not make a financing recommendation to applicants?
It sounds like you are looking to do a lease-to-buy program, where you are the bank. In that case, you can definitely offer that option to applicants, park owners do it all the time. I would just suggest having two LLCs, one that holds the land/park and one that lends money. Best of luck!