JACKSONVILLE, Fla. – Triad Financial Service's manufactured home loan program sounds almost too good to be true.
The company operates like a turnkey indirect lender, but it also guarantees each and every loan, providing collection services if the loan goes just 15 days past due, and buying back the balance if it fails.
Yes, you read that right. Triad maintains $100 million in reserves, about 12.5% of its total loan portfolio, which it uses to pay off the full balance in the event of repossession. In fact, Triad CEO Don Glisson, Jr. said his loans carry such a strong guarantee, regulators don't even require financial institutions earmark loss reserves for them.
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"We have a 50 year track record, so this isn't a new concept," he said. "It's proven, which makes lenders and regulators comfortable."
The average loan balance is $50,000 and the yield to the financial institution is about 7.75%. Glisson said poor public perception about manufactured homes and the people who buy them is the industry's biggest challenge.
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