Welcome to Episode 90 of the Mobile Home Park Investors podcast, hosted by Jefferson Lilly and Brad Johnson, with the Park Street Partners. Jefferson sits down with Daniel Din in San Francisco to discuss what park owners need to know about Freddie Mac’s lending opportunities. Daniel is the perfect guest for this week’s show because he has been with Freddie Mac since 2007 and oversaw the development of the manufactured housing lending department in 2014.
Key Takeaways:
[2:00] What’s Daniel’s background and what did he do before he joined Freddie Mac?
[2:45] Daniel shares a little bit of the history of Freddie and how they got into lending.
[6:00] How can mobile park owners borrow money from Freddie?
[7:10] What’s the difference between Fannie Mae and Freddie’s business model?
[9:45] How long does it take the average park owner to get approved?
[11:35] What’s the smallest loan will Freddie make?
[17:45] Daniel shares the history behind opening a manufactured housing lending department in 2014.
[24:50] Does Freddie make the distinction between ‘true’ rentals vs. homes on a rent-to-own agreement?
[26:45] Is it true that mobile home parks have the lowest default rate of any class?
[29:15] Daniel explains a bit more what Freddie’s ‘Duty to Service’ initiative is about.
[36:00] What do park owners need to know about Freddie’s supplemental program?
[39:40] Freddie’s balance sheet is around $250 Billion. How does Freddie decide what to keep on their balance sheet vs. what to sell?
[43:15] Will there be any regulations coming down the pike in 2018?
Mentioned in This Episode:
Park Street Partners Business Resources
LinkedIn: Mobile Home Park Investors Group
Send deals to Deals@parkstreetpartners.com
Freddiemac.com