Bill could make private loans in manufactured home land lease communities easier

Jean Fuller CA state senator credit aquafornia posted on Istockanalyst reports that a bill by CA state Senator Jean Fuller could make it easier for residents in land lease communities there to get private money loans. With professionals, buyers and sellers all pointing to a lack of commercial banks in the field, this is seen as important for all concerned. The bill would allow mobile and manufactured home community owners to make private seller’s loans without having to secure additional certification. It passed unanimously in the Senate and was recently tabled for the Assembly’s next session in early 2012. Fuller’s district include Barstow, CA, where a number of community owners have historically offered financing at their discretion, so long as they held a real estate broker license. Kathy Pirwitz, an assistant manager at Holiday Homes community said: “It’s always been an issue to get loans on mobile homes,” especially compared to conventional housing. Since the housing/finance crisis, federal and state regulations passed in 2008 and 2009 required the mobile and manufactured home community owners to get an additional finance lender license before giving out such loans. Senator Fuller’s office said the extra regulations overly burdensome on community owners, who tend to only occasionally give out a private loan. “Seller financing is one of the keys in financing markets,” Curtis O’Brien, a local broker and owner of Exit Strategy Realty said, adding that he thinks mobile home owners should have the choice to take the risk with a loan without extra restrictions. Fuller’s bill “restores some of the freedom they should have had all along,” O’Brien said.

(Phot credit: Aquafornia)

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