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Our industry experience turns your business dreams into reality.

As a specialty lender in the manufactured housing industry since 2004, FirstBank also assists community owners and operators in their lending needs. We have originated more than $500 million in over 20 states for the acquisition or refinancing of communities between $1 and $10 million. We also offer credit lines that allow the community owner to purchase new and used homes and finance homes that are sold or rented within their community or communities.

Ideal Borrower

  • Includes: The ideal borrower is a hands-on owner-operator with three or more years of experience whose main focus of business operations is manufactured housing.
  • Includes: Net worth of two times the desired loan amount.
  • Includes: Personal recourse required.

Real Estate Loan

  • Includes: Purpose should be for purchase or refinance.
  • Includes: LTV 75% plus
  • Includes: Loan Amount of $1.5M – $25M
  • Includes: Number of sites: 100 plus
  • Includes: % of Park Owned Homes: unlimited

Line of Credit

  • Includes: Purpose should be the purchase of new or used homes, CapX improvements or financing home notes.
  • Includes: $500k – $15M

LOC Advance Terms

New (occupied via rental, lwop or note)
Lesser of 85 – 100% of invoice
Borrower responsible for set up
75% contract balance
8- to 15-year amortization

Used (occupied via rental, lwop or note)
Lesser of 50 – 85% of invoice (with add ons)
75 – 85% of total cost (invoice, set up, ac, steps, hook up, etc.)
75% contract balance

New = <1-year old (see “new” advance above)
Used = <1-year (see “used” advance above)
10% curtailment after 12 months
Additional 10% curtailment payment after six months thereafter
30 months = full payoff

Used (older than 10 years)
50% of NADA (w.adds)
8-year amortization

Individual ability to qualify is dependent on total debts and other factors such as but not limited to employment, credit and available funds to close. Application is required and is subject to underwriting. Not all applicants are approved. Full documen- tation & property insurance required. Loan secured by a lien against your property. Fees & charges apply and may vary by product and state. Terms, conditions & restrictions apply, so call for details. FirstBank provides a variety of loan products with different rates, payments and fees. All loans are subject to credit approval. Products and services offered by FirstBank. Institution NMLS# 472433

For questions, please click here to email our team.

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