Bank, Fuqua to Ease Loans for Factory Housing

Security Pacific National Bank and Fuqua Homes Inc., a manufactured-housing firm, have announced the creation of a direct retail loan program, a major attempt to reform the methods by which factory-built homes are financed.

“Nearly 85% of the manufacturing housing industry’s financing is currently done indirectly through third parties, which usually results in higher interest rates and shorter-term loans,” said David J. Leichey, Fuqua financial consultant.

Security Pacific vice president Robert J. Weber said the new financing package includes a range of fixed- and variable-rate manufactured-housing loans, including a minimum down payment of 10%.