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.
New Mobile Home Model
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.
According to the latest manufactured housing trends, design and function are still at the top of the list.
Architectural style, color schemes, floor plans and attractive appliance packages remain as top priorities for most mobile home and manufactured housing buyers. With the typical smaller footprint of mobile homes, the design function and layouts can be a little more challenging than a larger home.
Even though some of the mobile homes have smaller square footage, manufacturers are dedicating more time and effort to providing better storage solutions and better ergonomics in the space that is provided. The extra space can be seen in things like built-in medicine cabinets, added pantry spaces and capitalizing on the little extra nooks for better use.
Naturally there remains pricing pressure on all fronts. With new regulations, comes additional costs. Some regulations can be beneficial such as having adequate cross bracing in a structure, while a number of diminutions improvements are adding substantial cost to home owners. We all hear about the need to support affordable housing, but very few seem to be asking why individuals cant pick out there own light bulbs or water fixtures anymore.
After all, most homes are connected to a electric and water meter. If the electric bill gets a little to expensive, individuals sooner or later will figure out that they can just shut the switch off and/or put in higher or lower wattage bulbs in “their” home to meet their individual tasks and needs.
So while the trends are changing, being able to select a home with the fixtures and functions you desire may be a thing of the past. And this lack of free market freedom is driving up the cost of all housing, from Mobile Homes to Multi-Million dollar mansions.