Please
Note: NCC
has suspended it's MH notes program at this time, pools or individually,
with or w/o
land.
Information
for Dealers
Information
for Private Sellers
The information
to follow is geared to dealers creating large pools of mobile home paper
and individual sellers carrying paper on a sale of a mobile home/land
package where the land is included as the security.
We are not
buying notes secured by mobile homes only at this time.
If you're a dealer
read on. If you're a private seller click HERE.
DEALERS
Has the disappearance
of traditional lenders for manufactured housing
hurt your sales? Are you looking for lenders to finance your sub prime
(poor credit) buyers?
Before you go too
far into this page it is imperative that you understand we do
not finance mobile home buyers.
"We
are not lenders"
That's
not what we do. We DO NOT originate loans to buyers. We buy existing
dealer or private seller financed notes created from the sale of a mobile
home with or without land.
Should
you find you have to carry in-house financing to facilitate the sale,
we can provide capital from the note through a full or partial purchase.
However we are limited in what we can invest by the factors discussed
below.
The discounts on
mobile home paper are significant. We've paid as high as .80/$ and as
low as .30/$...every pool is different HOWEVER as stated
above:
"...due
to tremendous over supply of mobile home paper, mobile
home pools are typically trading in the .65/$ range...".
If you're looking
for an investor to pay PAR or FACE VALUE (zero discount) read no further.
Investment to Value
(ITV) guidelines determine the maximum that we can invest into one note.
Payor credit, equity and age of the homes also effect pricing. The larger
and newer the home, larger the equity position and better the Payor
credit, the better the pricing for the note in question.
Portfolios must
be submitted via e-mail, in EXCEL format. Spreadsheets must have the
following information to be priced:
- Sale Date
- Last Name of Borrower
- Original Principle Balance
- Current Principle Balance
- P & I Payment
- Original Term
- Remaining Term
- Note Rate
- First Payment Due Date
- Last Paid Date
- Next Due Date
- # of times 30, 60 and 90 days late
- Sales Price
- Cash Down Payment
- Net Trade Down Payment (if applicable)
- Land Value (if applicable)
- Loan Type (Home only, Land/Home, Land-in-Lieu)
- Interest accrual method (Simple, Variable, Rule of 78)
- Buyer's credit bureau score at origination of loan
- Current credit bureau score (if applicable)
- New or Used
- Year of Home
- Size of home
- Multi-Section or Single-Section
- Manufacture Name
- State home located in
- Occupancy: Owner or Non-Owner
- Extension Information (if applicable)
- Buy Down Points Financed
- Origination Fees Financed
- Total pre paid finance charge
- Loan Status (Active, Bankrupt, Legal/Replevin, Repo)
- Seller asking price for the pool must be included
**No exposure suits where lender is the defendant
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PRIVATE SELLERS
If you have
sold a land/home package (a mobile home legally affixed to land) the
most important criteria is the age and size of the home.
If the home is
a 1992 doublewide or newer:
We will bid the note like a typical "stick built"
residential note. The typical buying guidelines for these land/home
packages is at the Real Estate page,
under "Rental/Investment Properties". Utilize the Real
Estate worksheet and under "Description" make sure you
indicate that your submission is a MH w/land, tell us the age, size,
make and model of the home and how much land is involved.
If the home is
OLDER than 1992:
We will treat the note as if it is strictly a land note. Unfortunately
manufactured homes 1992 or older tend to have little to no resale value
in the event of a default where we would have to repossess and resell
the home. Maximum Investment to Value (ITV) will be approximately 50%
of the land's appraised value. That doesn't mean we're suggesting you
sell the entire note for .50/$, we're simply saying that the MOST we
would invest into the note is 50% of appraised value. In most cases
that means we'll buy a calculated number of remaining payments (known
as a "partial"), based on the appropriate market yield at
that time for land notes, investing up to approximately 50% of the land's
value.
Again, utilize the
Real Estate Worksheet found
at this site and in the "Description" box/field, indicate
that your submission is a MH w/land, tell us the age, size, make and
model of the home and how much land is involved.
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Questions or comments?
Click
here to email National Capital Corporation.
