It sounds like Triad Financial Services is making its biggest single-day rate cut in that company\u2019s 50-year history. A reduction of .75% for all categories of loan products for MH\u2019s in parks to take effect immediately, according to a TFS insider. Rate sheets will be out soon reflecting this new change.<\/p>\n
This news came out barely two weeks after our industry\u2019s other lender, CU Factory Built, rolled out its new \u201cstep-up\u201d loan with very low rates starting at 4.5%.<\/p>\n
This is a typical reaction among our MH chattel lenders who are competing for top-tier borrowers (which means borrowers with 700+ credit scores). Without having seen rate sheets, it cannot yet be confirmed if this rate reduction from Triad will affect all tiers of their loan products. However, the source for this story did indicate that the .75% reduction will be \u201cacross the board\u201d.<\/p>\n
We now have very attractive rates to offer to manufactured home buyers moving into parks. Four years ago, the \u201cfloor rate\u201d with our biggest lender was at 10.5%. We can now potentially offer rates less than half what they used to be.<\/p>\n
After years of sour news, this is something that should be told to all buyers of manufactured homes in parks. Check back frequently for the latest in this \u201crate war\u201d.<\/p>\n
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