Not all lenders will lend on a mobile home purchase, but Triad Financial Services continues to do their best to assist home buyers.
While others walked away from manufactured homes, Don Glisson Jr. stuck around.
He’s seen the industry’s ups and downs in his 36 years working at Triad Financial Services, the third-biggest lender to buyers of factory-made houses in the U.S. The rock-bottom was in the early 2000s, when rival firms were getting fat on subprime loans.
“I knew that would lead to disaster,” said Glisson, chief executive officer of Jacksonville, Fla.-based Triad. When sales of the homes plummeted and his competitors fled, Glisson booked profits by keeping his focus on borrowers with high credit scores. His discipline paid off: He once was satisfied if his company made $1 million in loans in a month. Now it does that amount in half a day.
Triad might reap further rewards for its persistence. It’s one of a handful of firms that are poised to benefit from a nascent comeback for manufactured homes, shipments of which have been on the rise since 2009. Consolidation among producers and the exodus of lenders have left a just few businesses — including three owned by Warren Buffett’s Berkshire Hathaway Inc. — to dominate a market that looks primed for growth in the face of rising prices for site-built houses and the potential for regulatory change.
Colorado Springs mobile home parks have been bringing in fancier mobile homes that are impressively energy efficient. Not all situations warrant financial assistance, however, there are a number of Mobile Home Lenders who continue to do a great job for Colorado Springs Mobile Home residents.