Manufactured/Mobile Home Chattel Lending

[Crystal Schmitz]

I've been in the manufactured/mobile home industry a good majority of my life, as my father owns several parks. We have also been Fleetwood and Nashua home dealers. In the state/city these said parks are located two banks will finance with about a 20% down/balloon pymt type loan/15-yr amortization. We've also privately lent with similar terms for our new installs.

This area is really in need of affordable housing, but with the large down payment requirement it rules out this option for many. For years we had a local chattel lender who took on higher risk loans for those without the large down, not super high credit, and on older homes. When they left a few years ago it left a hole in this area, no one has been able to fill those shoes. 

I've read some threads on here about the regulation that was coming along that was attempting to push chattel lending out back in 2016/2017. I haven't found anything recent about it though. Does anyone have any insight or resources that could help me? 

I'm interested in working with investors to do chattel lending in these communities because there is a great need and a business opportunity. I am close with our previous chattel lender because we did business together a fair bit, but she is pushing late 80s now. She was very successful and rarely had to foreclose. I also feel I have the kind of experience/education to ensure a successful experience for all involved.