MOBILE HOME PARK FINANCING

Integra’s long-standing lender relationships provide non-recourse financing for the acquisition and refinance of mobile home parks and manufactured housing communities. We facilitate customized balance-sheet loan structures with low interest rates, longer amortization periods and flexibility. These mobile home park financing options are designed for cash-flowing and stabilized communities in primary, secondary and tertiary markets.

Commercial Bank Mobile Home Park Loan Program

• Minimum Loan Amount $1,000,000
• All MHP Classes Considered
• Maximum Loan to Value: 75%
• No more than 10% park owner owned homes
• Minimum 15 pads
• Minimum DSCR 1.20 – 1.25
• Partial to Non-Recourse
• 85% occupancy required
• Loan may be assumable

Mobile home park financing through Fannie Mae is an attractive alternative for borrowers with Class A and B parks in MSA segments approved by the FNMA. Whether a purchase or a refinance, we work seamlessly to provide our clients access to the right Fannie Mae outlet. Below are guidelines and loan parameters for a FNMA execution:

Fannie Mae Mobile Home Park Loan Guidelines and Parameters

• Class A and B Parks only
• Minimum Loan Amount $1,000,000
• Minimum 50 pads near moderate size cities preferred
• Mostly double-wides or tripple-wides required
• No more than 25% park owner owned homes allowed
• Fixed rate 5 to 30 years
• 30 year amortization schedule
• Minimum DSCR 1.25x
• 75% LTV for Refinances, Up to 80% LTV for purchases
• Non-Recourse, with standard carve-outs
• Suplimental Financing from Fannie Mae allowed
• Cash Out Allowed
• Loan is Assumable

This financing vehicle is one of the most attractive types for mobile home park acquisition and refinance scenarios. Also known as a CMBS loan (commercial mortgage backed securities), Integra originates these loans through our relationships Wall St. investment banks. CMBS loans are attractive because they are: a) non-recourse, b) offer 10-year terms c) have low, fixed interest rates and d) allow for cash-out. They are also more flexible when it comes to financing a property outside of a major MSA segment, which some Fannie Mae lenders may have an issue with.

CMBS Manufactured Housing Community Loan Program

• Minimum Loan Amount $2,000,000
• Maximum Loan-to-Value (LTV) 75%
• All Mobile Home Park Classes Considered
• Minimum 50 pads
• Usually no more than 10% park owner owned homes allowed
• Maximum of 10% RV occupied spaces
• 5, 7 and 10 year fixed rate terms
• 30 year amortization schedule
• Minimum DSCR 1.25 to 1.35 based on trailing 12 month Profit and Loss
• Non-Recourse
• Minimum Occupancy Required – 80%
• Cash Out Allowed
• Loan is Assumable

Integra’s structured finance group originates non-recourse bridge loans for the acquisition and rehabilitation of mobile home parks and manufactured home communities. These loans are ideal for transitional, non-stabilized MHP’s with lower occupancy levels or value-add component that needs to be realized and will take some time to fulfill. We assist mobile home park operators who are looking for certainty in rate, terms and flexibility while undergoing a transition.

Our experienced loan officers are committed to guiding you through every phase of the bridge loan process. These loans generally feature floating-rate structures and are priced with a specific spread over a LIBOR index. Loan terms range from 2-to-3 years with options to extend the loan beyond initial maturity date. Bridge loans often carry interest-only payments and are based on non-recourse basis.

Bridge Loan Parameters for Mobile Home Parks

• Minimum Loan Amount $2,000,000
• Maximum Loan to Value 80%
• Class A, B and some C parks considered
• 3 to 5 year loan terms with interest-only payments
• Flexible Underwriting
• Minimum DSCR 1.15x
• Non-Recourse, with standard carve-outs
• Loan assumable with lender approval