Manufactured Housing


Non-recourse, fixed and adjustable rate financing for the acquisition or refinance of stabilized manufactured home communities

Loan Amount

Minimum $3,000,000

Loan Terms

5, 7, 10 or 15 year balloons; 20, 25 or 30 year fully amortizing


25 years for Family Parks; 30 years for Seniors Parks

Loan to Value Maximum

Maximum 80% of appraised value, or, if property has been purchased within the past 12 months, 80% of lower of appraisal or purchase price (and up to 3% of closing costs) plus value added renovation

Coverage Minimum

1.25x fixed rate / 1.00x adjustable rate (based on loan coupon plus 3%)


Domestic single asset borrowing entity is required

Interest Rate

Risk-based “Tier” pricing, varying with LTV and DSC ratios


Yield Maintenance

Third Party Reports

MAI appraisal, Physical Needs Assessment, and Environmental Phase I Reports are required


Tax and insurance escrows are required; Funded Repair and Replacement escrow is required, based on Physical Needs Assessment; For loans at less than 65% of value with no deferred maintenance, funding of repair and replacement reserve can be waived, at lender’s discretion

Application Fees

$15,000 to cover third party reports and processing/underwriting costs

Origination Fee

Fannie Mae requires minimum origination fee equal to 1% of loan amount for loans of $9 million or less; Minimum fee decrease with increasing loan size; Origination fee can be charged “outside” of the interest rate as a separate fee, or it can be built into the rate

Legal Fees

$8,000 TO $12,000 varying with characteristics of the deal


45-60 days from application to commitment; dependent on 3rd party report timing and borrower’s submission of due diligence


Loan is assumable, subject to lender approval of proposed replacement borrower, Fees include one percent assumption fee, part of which is paid to Fannie Mae, and a $3,000 processing fee to cover lender’s underwriting expenses


Manufactured Housing Community Specific Requirements:
a) Minimum of 50 pad sites,
b) Paved roads,
c) Professionally skirted with concealed hitches/jackposts,
d) A minimum of 2 off street paved spaces adjoining each home,
e) Ratio of tenant owned homes to owner occupied homes not to exceed 5%
f) At least 50% of the sites must be doublewide
g) Community must be served by underground public utilities or have a private sewage treatment plant and septic system, and
h) Landscaping and entry signage must be high quality and well maintained

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