The new division will offer commercial financing in select states, with a lending range between $1 million to $5 million. The division’s borrowers will be land-lease communities, including communities and parks serving this housing sector. Maryville, Tenn.-based Vanderbilt will approach this business as a portfolio lender and servicing the loans it originates.
“Manufactured housing is providing a solution to the affordable housing crisis,” said Eric Hamilton, president of Vanderbilt Mortgage and Finance. “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.”