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An Important Update On Land Purchase Construction Loan Transactions

This office is a great example of customer service. I felt very welcome and all of my questions were answered. We spoke with Marie and she was very friendly and very willing to break down the information for us. At this moment we are planning on returning to begin the process. She was honest, straight forward, and to the point. We were not intimidated, not once by the numbers, and we are excited to do this in due time.

Nancy S. – Corona, CA
Lavon was very nice and listened to me. She was not pushy at all.

Pat – Rancho Cucamonga, CA
Ma Williams is the best by far. Lavon has been great about following up, but not in a pushy way, I appreciate how well Lavon listens and gets me the exact information needed. I recommend Ma Williams sales center all the time, I couldn't be more pleased with my experience.

Lydia S. – Riverside, CA
Looking for some loan options, I ran into this extremely friendly lady named Lavon. They didn't have what I needed, but she was kind enough to refer me elsewhere to get me rolling... Awesome experience !

Elizabeth T. Glendale, CA
Tony was so helpful with all areas. Walked through process. Home came out excellent. Plans were as we ordered and set up was excellent. We would recommend Ma Willaims to anyone.

Stanley and Genevieve P. – Hemet, CA

Home » Blog » Uncategorized » An Important Update On Land Purchase Construction Loan Transactions

While we are beginning to see a light at the end of the proverbial tunnel when it comes to COVID, the impact of the virus on our industry has been significant, particularly as it relates to construction loans on manufactured homes.

As a result, we’ve had to change one of our financing options, to protect our customers against a potentially devastating loss.

Here’s the Situation

For customers seeking to purchase land for their manufactured home project, Ma Williams typically helps them secure a construction loan for the purchase of the land, home site improvements and development fees. These loans are in place for 12 months, at which time if the project is not completed it would have to be refinanced.

Usually that is not an issue. However, the pandemic has caused inevitable delays in other aspects of these projects, including home-building, permits, engineering and financing, and that has created more instances where refinancing is necessary. And as the pandemic has also caused job security among applicants, refinancing approvals are not always assured. When there is an issue, the lender could foreclose on the customer and put the completed home site on the market to sell to another person.

We don’t think that should ever happen.

Our Response

To avoid this kind of outcome, for the foreseeable future we will no longer advise our customers to use construction loans to purchase land. However, we will continue to work with you on other land acquisition options. We believe this must remain an essential part of the service we have provided for more than 50 years.

Whether it’s negotiating a seller carry (owner-provided financing) of the land purchase with questions or direction in obtaining a land loan we will help where we can. We have drafted a No Land Disclosure letter that reviews terms and conditions with buyers, sellers and realtors, that are important with regards to due diligence required before you purchase land.

If you have questions, please contact a Ma Williams representative