Mobile Home Park Financing

Description

Provides a major source of liquidity for financing manufactured housing communities/Mobile Home Parks.

Loan Amount

$1,000,000 to $50,000,000

Loan Terms

5, 7, 10, 15 or 18 year terms.

Amortization

25-year amortization, 30 year exception on a waiver basis.

Prepayment

Pre-payable in full at any time subject to a yield maintenance formula.

Recourse

Non-recourse, except for standard lender carve-outs.

Debt Service Coverage

Minimum 115%

Loan to Value

Maximum 75%: 80% considered on a waiver basis.

Subordinate Financing

Not Allowed.

Occupancy

Properties must be 90% occupied at loan funding for the 90-day period prior to commitment.

Assumability

Yes, subject to lender approval and the payment of processing costs and a 1% assumption fee.

Property Requirements

• Paved Roads with rolled or concrete curbs
• Concrete Patios or raised porches/cabanas
• 50% of sites accommodate double wide homes
• Minimum 50 pads
• Maximum Density: 10 homes per acre
• Professionally skirted
• 75% of hitches must be concealed
• Two off-street parking spaces
• No more than 10% tenant occupied
• Non-contiguous phased parks are unacceptable
• All public underground utilities must be provided, subject to local
  conditions and code requirements