Financial Underwriting for Commercial take out financing on MHPs and other assets

[Douglas W.]

Hey all...

My background is as both a real estate and mortgage broker since 1990. I am interested in updating our underwriting guidelines on MHPs where it pertains to the inevitable mixed-use looking park. It is common to see a MHP that also has SFRs (1-3 buildings), small multi-family (2-3 ,maybe 4 units), RV park and/or Self-Storage all on the same APN. I need to know how a commercial lender would underwrite NOI (income/expenses) on such a mish mash of asset classes under one U/W umbrella. I would imagine each asset class is underwritten as if stand-alone (potentially using a 2-3 year average on NOI on the RV due to wide swings in occupancy, etc.) then mashed into one big NOI. But, I have no idea and most commercial lenders we know sit on that information as if it were a lithium mine they had sole ownership of. Other asset types we buy are 10-50 multi-family (pretty straight forward on the U/W side), Self-Storage (new to this asset, wonder if there are underwriting nuances I should be aware of), Senior Care and Hospitality.

I appreciate any feedback or resources on this topic. Enjoy your weekend!

Douglas