Cavco’s CountryPlace Mortgage Gains Traction with REvive program
CountryPlace Mortgage now offers community owners a fresh way to finance new homes for their communities.
“REvive is custom-tailored to the community owner,” CountryPlace Consumer Lending Division President Jack Brandom said. “It’s designed specifically for strategically minded community owners to help them put new homes in their communities, whether they’re filling vacant sites, expanding or upgrading some of the community-owned homes.”
Brandom says the new financing platform is all about offering more inviting terms for communities, particularly small to midsize owners and operators.
REvive offers a unique term of up to 11 years. Also, the initial year’s payments are based on interest alone.
“We have teamed with Cavco’s manufacturing group to provide the communities with lines of credit and the first year payments are interest only,” Brandom said. “We also advance up to 80 percent of the gross invoice, including freight, and factory-installed air conditioning.”
Other Terms Associated with REvive:
- Annual five-home purchase minimum
- All brands from Cavco, Fleetwood, Palm Harbor, Fairmont, Friendship, Chariot Eagle and Lexington Homes
- Principal and interest payments start after first year
- Attractive interest rates
As a result, REvive allows a community to get new homes for an attractive payment. This enables owners to generate a positive cash flow when they lease or rent the home. The home can remain on the REvive program if the community rents the home, or sets up a lease-to-own agreement.
Benefits Smaller Owners and Residents Who Want a New Model Home
The new homes from Cavco and all of its brands can fill empty sites, improve the street appeal of the community, replace aging homes or be part of a community expansion program.
“It really is a program regularly requested by community operators who have less access to capital than some of the bigger portfolio owners,” Brandom said. “If you’re an owner who has a limited number of sites, it can be hard to find long-term capital to buy homes.”
REvive has seen an increase in demand during the last six months as word has spread.
Furthermore, the program is receiving growing attention for community expansion. Brandom also said a rising number of multi-section home purchases complement the purchase of single-section units.
CountryPlace has a license to do business in 37 states, Brandom said. The contact person for the REvive program is Steve Mehrer, director of community lending for CountryPlace. Call Mehrer at (972) 763-5102.
