In this episode of The Mobile Home Park Investing Podcast, Kevin Bupp speaks with manufactured housing finance expert Jerry Muir. He is Managing Director at Greystone working with the Agency Lending Team with a primary focus on building out and expanding their manufactured housing lending platform.
Jerry is a 25 year veteran of Fannie Mae and, during his time as Director of Multifamily Credit underwriting Fannie Mae, was responsible for a 12-state southeast region.
He had dual roles in developing and managing the manufactured housing community lending platform. Impressively, he has overseen north of 10 billion in financing.
Quotes:
"You might not have the prettiest homes in there but if it's a well-run community, it's stable, it's going to do well."
"Our manufactured housing community, because you've got so much stability because it costs so much for a resident to take his home and move it to another park (I mean it could be in excess of $7000), they're not just going to move down the road like in the multifamily property."
"If you've got a tier 2 loan on the property and you want to do a supplemental, you would get tier 2 pricing on the supplemental, basically."
"Their regulator, the FHFA, basically restricts the amount of business the two agencies can do and they call it cap or uncapped business. An uncapped business is they can do as many loans as they want in that space."
"They really open to more people and make it more affordable for them to get into a home and get into a park, no question about it.
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Discussed in this Episode:
Developing MHC at Fannie Mae
Differences of Fannie Mae and Freddie Mac
Supplemental Loan Program explained
Future outlook of Fannie Mae
Detailed overview of Greystone in the MHC space
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