For more that 15 years Santiago has provided individual opportunities for Retail Installment Contract purchases. These contracts have consistently returned 10- 12% month in and month out.



If you are interested in a Retail Installment Contract or becoming part of a community partnership opportunity through Santiago, contact Aimee Molsberry today at 714-744-4993 or email her at: .


How does a Contract Purchase work?
Many families who desire to improve their lifestyle by purchasing good-quality, affordable manufactured housing in one of our forty communities have difficulty qualifying for conventional bank financing. That’s why we created our unique “second-chance” financing option. We give qualified families the opportunity to purchase a home and re-establish their good credit at the same time.

After thoroughly checking the borrower’s qualifications, we finance the purchase with a Retail Installment Contract and Security Agreement (“Purchase Contract”).

We then sell the Purchase Contract to you and you become the lender. As the lender, you are in first position with the manufactured home pledged as collateral and a lien is recorded with the California Department of Housing. Fire insurance and current taxes are obtained through the escrow.

How will I receive my returns?
In connection with the sale of the Purchase Contract, we enter into an agreement to collect the monthly payments on your behalf. The servicing fee is above and beyond the return that you receive.

We never expect a Contract to become delinquent, but should that occur, our servicing agreement covers you. A “Notice of Default” is sent to the borrower if any payment is 15 days overdue. We then attempt to contact the borrower by telephone or in person. Should the problem not be resolved by the time the second payment comes due, the home is placed in foreclosure.

Again, we handle the details and you continue to receive your monthly payments from us without interruption. If the borrower does not cure all delinquencies and costs, the home will be sold at auction and the minimum bid will recover your money. In most cases, the borrower cures the delinquency and continues their regular monthly payments.

What is the "service and safety" of my Contract Purchase?
Service:
Should the home be acquired through foreclosure, it is immediately refurbished as needed and re-sold through our network of in-community sales experts and sales center.

You are given the opportunity to...

• Purchase a new Purchase Contract with the new home buyers
• Purchase another Purchase Contract contract on another home
• Receive full payment.

Safety:
Of course, with any high yielding opportunity there are risks. But we have minimized the risks with THREE levels of security;

1. The homeowners ability to pay
2. The manufactured home as collateral
3. Backed by Santiago Communities, Inc.

Because we only finance purchases in our own communities, the recovery of the collateral for your Contract is strengthened.