The Berkshire Hathaway company previously originated loans only for consumer manufactured housing. The national home lender is now offering commercial financing in certain states, targeting loans in the range of $1 million to $5 million.
"Manufactured housing is providing a solution to the affordable housing crisis," Vanderbilt President Eric Hamilton said. "We are very excited to launch this division which will help owners of land-lease communities provide more access to high-quality, low-cost housing options."
"We're dedicated to providing flexible financing options for land-lease communities," Kurt Wilkerson, Director of Commercial Lending for Vanderbilt, said. "As a portfolio lender, we have more flexibility to help our customers find financing that fits their needs."
Vanderbilt said it will be able to offer flexible lending options to commercial customers because the company will serve as a portfolio lender and will service the loans it originates.
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Vanderbilt Mortgage and Finance has introduced a commercial lending division as it expands its operation to include lending to land-lease communities such as manufactured housing communities and parks.