Modular home manufacturer BOXABL is looking to expand into mortgage lending through a proposed joint venture with Warp Speed Holdings, the parent company of OneTrust Home Loans, potentially opening a new origination channel in the growing factory-built housing market.
The companies signed a nonbinding letter of intent to establish a lending platform that would integrate financing into BOXABL's homebuying process, with an early 2027 launch targeted.
The venture could offer construction-to-permanent financing covering land acquisition, site preparation, manufacturing, delivery, installation, and permanent mortgage financing. Potential borrowers include primary-home buyers, homeowners adding accessory dwelling units (ADUs), investors, builders, and developers.
For mortgage lenders and originators, the proposed venture highlights a broader opportunity in factory-built housing, where traditional construction lending requirements can complicate financing and delay purchases.
An Established Mortgage Lender Behind The Deal
Warp Speed already has an established mortgage lending operation.
The company owns CalCon Mutual Mortgage LLC, which operates as OneTrust Home Loans, along with interests in other mortgage lending businesses, according to its financial disclosures.
OneTrust originates residential mortgages through retail and wholesale channels and has experience in construction lending. It is also an approved Fannie Mae, Freddie Mac, and Ginnie Mae lender and servicer.
Warp Speed's audited 2025 financial statements reported $637.3 million in outstanding repurchase financing at year-end and $25.8 million in net income.
The proposed partnership also builds on Warp Speed's existing builder-affiliated lending strategy.
OneTrust previously appointed Christine Madrid as senior vice president and director of builder to expand its national builder joint venture operations. At the time, Warp Speed CEO Josh Erskine described a model allowing builders to participate in mortgage-related profits while accessing lending, title, insurance, and technology services through affiliated businesses.
The BOXABL venture would extend that approach into factory-built housing, although the companies have not identified which entity would originate the loans or whether independent mortgage brokers could participate.
The strategy reflects a broader push toward builder-affiliated lending. Earlier this year, loanDepot expanded its builder partnership model through a new lending venture tied to homebuilder Betenbough Companies, another example of lenders seeking mortgage production through builder relationships.
Financing Built Into The Home Purchase
BOXABL says the venture would introduce financing earlier in the purchasing process, allowing customers to assess borrowing capacity and estimated monthly payments before committing to a home.
"Financing can be one of the hardest parts of buying a factory-built home, and we want to make it as simple as building one," said Galiano Tiramani, BOXABL's co-founder and co-CEO.
The proposed platform could offer construction loans, construction-to-permanent financing, and mortgage rate buydowns, subject to underwriting, geographic availability, and regulatory approvals.
Financing factory-built homes can present challenges involving construction disbursements, land ownership, appraisals, and the transition to permanent financing. A JPMorgan Chase report found that manufacturers often require upfront payments that traditional construction financing is not designed to accommodate. A lending platform tailored to the manufacturing and installation process could help address those obstacles.
BOXABL is particularly focused on the ADU market. The company cited California data showing approximately 42,000 ADU permits issued in 2025, although an alternative count removing duplicate records puts the figure closer to 32,000.
A New Source of Mortgage Revenue
Beyond helping customers finance purchases, BOXABL sees the venture as a potential source of lending income.
The company plans to pursue revenue from mortgage originations and potentially from retaining selected qualifying loans, subject to capital availability and risk management requirements.
The strategy comes as BOXABL works to expand its direct-to-consumer sales business following substantial operating losses and liquidity challenges disclosed in its financial filings.
Integrating financing could help the manufacturer convert more prospective buyers into completed sales while providing Warp Speed with additional mortgage production through a manufacturer-affiliated channel.
For independent lenders and brokers, the arrangement also illustrates how manufacturers and builders can introduce affiliated financing before borrowers approach traditional mortgage providers.
At the same time, growing demand for modular homes and ADUs could create opportunities for originators offering specialized construction-to-permanent products.
BOXABL expects to announce a definitive agreement following negotiations. The venture remains subject to final agreements and regulatory requirements, with an early 2027 launch targeted.
