The national home lender previously originated loans exclusively for consumer manufactured housing, but now it is expanding its operations to include lending to land-lease communities (manufactured housing communities and parks). Vanderbilt will offer commercial financing in select states, with a focus on making loans in the $1 million to $5 million range.
“Manufactured housing is providing a solution to the affordable housing crisis,” said Eric Hamilton, President of Vanderbilt Mortgage and Finance, Inc. “We are very excited to launch this division which will help owners of land-lease communities provide more access to high-quality, low-cost housing options.”
Since Vanderbilt will be serving as a portfolio lender and servicing the loans it originates, the company is able to provide flexible lending options for its commercial customers.
“We’re dedicated to providing flexible financing options for land-lease communities,” said Kurt Wilkerson, Director of Commercial Lending for Vanderbilt Mortgage and Finance. “As a portfolio lender, we have more flexibility to help our customers find financing that fits their needs.”
For more information about Vanderbilt’s Commercial Lending Division, or to submit an application, visit www.vmf.com/commerciallending or call 800-309-5008.
About Vanderbilt Mortgage and Finance, Inc.
Vanderbilt Mortgage and Finance, Inc. is a national housing lender that specializes in financing manufactured homes. In business for more than 40 years, the company currently services more than 180,000 home loans and works hard to tailor loans to each family’s needs. Vanderbilt has an A+ grade from the Better Business Bureau and is a Berkshire Hathaway company. For more information, visit VMFHomeLoan.com.
Vanderbilt Mortgage and Finance, Inc., 500 Alcoa Trail, Maryville, TN 37804, 865-380-3000, NMLS #1561, (http://www.nmlsconsumeraccess.org/), AZ Lic. #BK-0902616.