Mobile Home Park Mortgage Lender – Lending Solutions
Direct Money Lenders offers low, fixed mortgage rates & permanent long-term financing for Mobile Home Parks. We also offer direct “in-house” underwriting approvals for higher-cost, shorter-term, bridge financing solutions. Private money loans or stated income for mobile home parks and manufactured housing communities, located in average to above-average locations nation-wide, are available. Direct Money Lenders’ experts will give you a quick and HONEST answer, based on your unique situation.
The mortgage rates for a mobile home park are directly related to the overall risk of the property & borrower, given each unique situation. Not all mobile home park capital sources are the same and we CAN be flexible in underwriting.
Each park is underwritten using a 1 to 5-star system; 1 star being dirt/gravel roads, no amenities, older mobile homes, numerous park-owned homes, high single-wide ratio, etc., where a 5-star rating suggests mobile home parks with paved roads, curbs & guttered streets, rent controlled lots, individual meters, concrete pads, pool, clubhouse, well-located metro areas, etc.
Based on the location, quality of the park, loan amount, documentation provided and time-frame necessary to close, we strive to provide the lowest mobile home park interest rate and best possible term to fit your needs.
Call us today – 800-838-1889 – Virtually all Commercial Property Types Considered!
Mobile Home Park Loans – General Guidelines
| Eligible Properties | Average to above-average mobile home park and manufactured housing properties with a minimum of 10 pads or sites. Maximum of 10% Recreational Vehicle use is typical. |
| Minimum Loan Size | $1000,000 – $5,000,000+ |
| Pricing | Tiered pricing, based on LTV and DSCR. We can work with many document types and FICO scores. |
| Loan Terms | 1 – 30 year fixed terms with 20 – 25 – 30 year amortization – Interest only payments |
| Prepayment | None – Yield Maintenance – Declining |
| Personal Guarantees | Recourse or Non-recourse with standard carve-outs |
| Minimum DSC | 1.00 – 1.25 |
| Loan-to-Value | 80% maximum |
| Occupancy Requirements | Stabilized or not stabilized properties considered – 12 month trailing cash flow should support minimum DSCR requirements for max LTV. |
| Third Party Reports | Appraisal Phase I environmental or insurance Property inspection ALTA land survey |
| Preliminary Submission Package For Mobile Home Park Financing: | Include the following in your request for a Mobile Home Park Loan quote: 1. Property description, address, & current debt structure – Well written summary 2. Representative color photographs – (6 – 7 preferred) 3. Operating statements – YTD & prior – (2 – 3 years preferred) 4. Personal and business tax returns – (2 – 3 years preferred) 5. Current rent rolls 6. Sources & uses 7. Sponsor’s resume |
