Bring Us Your Floating Home Loans

Bring Us Your Floating Home Loans

In any economy, a floating home can be a difficult property type for which to find a mortgage. The unique underwriting and due diligence skill that is required to properly vet such loans does not exist at most institutions. In less challenging times you could eventually find a lender who would take a chance on such a loan. However, in today's economy, the lenders who will do these loans have, for the most part, evaporated.

According to the broker on our most recent floating home request, the only bank in the area that was willing to do floating home loans was Sterling Savings Bank. They have recently dropped this property type from their capability. He was unable to find financing at any other institution he tried.

As a result, we've seen an uptick in the number of requests for floating home loans. In fact, we just closed on a floating home loan last week. We're currently doing underwriting on a second floating home property and we have a third loan for a floating home about to enter our pipeline.

We have the necessary skills to do such loans and we have investors who are willing to lend on floating homes. Our Vice President actually lived in floating home for a number of years, so he is very familiar with the property type and the frustrations of those looking to finance such a property.

We understand that our rates are going to be high for a long-term solution. However, our goal is to provide your borrower with a loan that could act as a bridge until more traditional outlets return to lending.

Richard Sundvall
Senior Loan Coordinator
Fairfield Financial Services, Inc.
sundvall@privatemoneysource.com
971-227-1023 voice