At a time when modular construction continues to gain momentum nationwide, it’s critical to have lenders who understand the unique needs of offsite building. In a recent conversation with Tom Coronato, Senior Vice President of the Offsite Modular Division at CalCon Mortgage, we discussed what sets modular home lending apart—and how CalCon is helping builders and homebuyers nationwide navigate the process.
Supporting Modular Builders with Industry Knowledge
Tom brings over 27 years of modular lending experience, making him one of the most knowledgeable lenders in the offsite housing space. Now at CalCon Mortgage, a division of OneTrust Home Loans, Tom leads a team dedicated to modular construction lending across 49 states and two U.S. territories.
One of the key takeaways from our conversation was the difference in approach at CalCon. Leadership at the company comes from a construction background, meaning they understand the importance of pre-curbside payments, production draws, and the payment structures unique to modular housing.
“For the first time in my career, I didn’t have to explain modular to the leadership team,” Tom shared. “They already knew—and they built the company to support it.”
What CalCon Mortgage Offers for Modular Construction
CalCon Mortgage’s modular lending services include:
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Construction-to-permanent loans for modular and panelized homes
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Land and lot financing to pair with modular builds
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Spec home and development loans for modular communities
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Financing options for ADUs, Airbnb properties, and tiny homes
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Traditional mortgage products (FHA, VA, USDA, conventional, jumbo)—all modular-capable
Tom emphasized that builder-developer collaboration is at the core of their process, and that CalCon offers real-time milestone updates for builders so they can track the progress of a buyer’s loan throughout the process.
Addressing the Gaps in Modular Lending
During the interview, Tom discussed common misconceptions around modular financing—especially when lenders confuse modular homes with manufactured housing. He noted that modular is a construction method, not a housing type, and requires payment structures aligned with how these homes are built and delivered.
CalCon’s modular-first mindset means they fund what many lenders hesitate to:
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Pre-production deposits to the factory
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Curbside payments before the home leaves the plant
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Site-work draws and on-site completion financing
Lending Nationwide
CalCon Mortgage currently provides modular home loans in 49 states and serves two U.S. territories, including Puerto Rico. Whether working with first-time modular homebuyers, developers of modular communities, or builders constructing single-family homes, Tom and his team offer tailored solutions to help projects succeed.
Connect with Tom Coronato
For builders and homebuyers looking to explore modular construction financing, Tom is available to discuss your needs.
