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For a current pricing matrix, complete our On-Line Form
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 Property Type: |
Mobile Home Park properties of 50 units, or more, with good locations,
occupancy, maintenance, municipal utilities, paved streets and pad sites,
amenities, and no park-owned units. |
| Loan Security: |
First fee mortgages encumbering completed projects along with customary
assignments and pledges. Leaseholds considered on a case-by-case basis. |
| Loan Amount: |
$500,000 to $35,000,000 per property. Larger loans are case by case. |
| Term: |
Ten (10) Years. |
| Amortization: |
Up to Thirty (30) years, typically, Twenty-five (25) years. |
| Maximum LTV: |
80% |
| Minimum DSCR: |
1.25:1 minimum. |
| Recourse: |
Non-Recourse, except for standard lender carve-outs, which require 100%.
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| Commercial Space: |
Permitted providing commercial space does not exceed 20% of square footage,
or 20% of effective gross income. If either occurs, pricing and structure may
change. |
| Replacement Reserves: |
Typically, minimum of $25 - $50 per pad site annually, or as scheduled in
the Property Condition Assessment Report. Monthly escrow is required. |
| Seniors/Military/Students:
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Allowed subject to higher debt coverage ratio and risk based pricing. |
| Other Conditions: |
See Standard Terms and Conditions. |
| Interest Rates: |
See the most current Pricing Matrix. Rate Buy-Downs are available. |
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ALL terms are subject to change.
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