21st Mortgage - Wholesale - Manufactured Home Finance


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We've had a number of folks write in to inquire about 21st Mortgage, a wholesale hard money lender that dealt exclusively in manufactured home finance. The company apparently stopped doing business with mortgage brokers back in December. The "Broker Sign-Up" page of their web site states, "We are not accepting Sign Up packages at this Time."

Per a notice on their site, they are still lending to Dealers, and refi's/purchases on owner sales where they are already holding the note. One broker who contacted them sent us the following:

"They are no longer in the wholesale lending business as of the 1st part of December 2008 - said they were just having trouble finding money, and that they hope to be back in wholesale - to check back in a couple of months."

21st Mortgage and its retail sister company Vanderbuilt Mortgage touted by Forbes as the "two largest lenders in the [manufactured] industry," are both owned by Warren Buffet's Berkshire Hathaway. Based in Knoxville, TN, 21st Mortgage is a portfolio lender and services its own paper. What we believed to be the last bastion of wholesale lending in the non-FHA, non-Agency manufactured arena, they averaged over $57 million in monthly originations for 2007. 21st Mortgage Chief Financial Officer Richard Ray told us the broker wholesale channel has steadily counted for about 15% of their volume over the years. From their web site:

"21st Mortgage Corporation specializes in providing financing to manufactured home buyers. The company originates and services loans in 42 states, predominately in the Southeast and Southwest. Loans are originated through relationships with manufactured home retail organizations, direct mail solicitation, and referrals from brokers. 21st Mortgage also makes loans directly to those who are buying a manufactured home or refinancing a manufactured home they already own."

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Important: This company is on our list of lending operations that have "imploded". However, please note that "imploded" is a somewhat subjective and does not necessarily mean operations are ceased permanently: it can mean bankruptcy filing, temporary but open-ended halting of major operations, or "firesale" acquisition. All information here is provisional, and may contain inaccuracies (especially newer information). If you are planning on doing business with this company or any other one listed on this site, you should inquire with them directly on whether they can still meet your needs. Many are still operating in some capacity.