Updated over 6 years ago on .
Mobile Home Park Loans
Mobile Home Park Loans
We specialize in providing mobile home park loans for investors looking to purchase or refinance their mobile home park. Unlike the banks offering 15-year or 20-year amortization, we offer up to 30-year amortization. We have Fannie Mae, Freddie Mac and Alt-A loans with a 30-year amortization.
What is the minimum amount for agency mobile home park loans?Even though the agency apartment loan guidelines allow for a minimum loan amount of $250,000.00 dollars most lenders will not lend below $1,000,000.00 dollars. Since the minimum loan amount is $1,000,000.00 dollars , the purchase price or the appraised value should be around $1,300,000.00 dollars to $1,400,000.00 dollars or more depending on the loan to value. Also agency money requires the roads to be paved and have amenities like a club house, pool, basketball court etc.
Is There an Alternative for Mobile Home Park Loans Below $1,000,0000?Yes, if your loan amount is below $1,000,000.00, we have alternative correspondent lenders for mobile home park loans that can go as low as $250,000.00 dollars.
What determines the rate and loan to value? The rate
and the loan to value is based on where the property is located, the
breakdown of the units, affordability, debt service coverage ratio, loan
to value, if the loan is a fixed balloon or and hybrid rate product (an
example of hybrid is like an adjustable rate in the residential
financing), if the prepayment penalty is a yield maintenance or a step down etc.
| Type of Loan |
Alternative Loan |
Fannie Mae |
Freddie Mac SBL |
| Non-Recourse | No | Yes | Yes |
| Loan Term | 5,7,10 and even 30 years fixed |
5,7,10, 12 | 5,7,10 years |
| Interest Only | no | 1-5 years | 1-3 years |
| Amortization | 30 | 30 | 30 |
| Max LTV (Acquistion/Refinance) | 80%/75% | 80%/75% | 80%/75% |
| Property Occupancy | 80% for past 90 days |
90% for past 90 days | 90% for past 90 days |
| Rehab Budget | no | Included in Loan – Limited Rehab | Not included in loan |
| Prepayment Penalty | 5 year but step down and 3 year is available |
Yield Maintenance | Step Down |
| Experience | New Investor | Experienced 12 months ownership | Experienced/New Investor |
| Stated Income or Low Doc |
available |
no |
no |
| FAQ | |||
| What 3rd Pary reports needed | Appraisal starts at $2,500 up to 30 days | ||
| Engineering starts at $3,000 up to 30 days | |||
| Survey starts at $2,500 up to 30 days | |||
| Rate Lock | no | ||
| Fannie/Freddie – received 3rd party reports, all due diligence and after final approval | |||
| How Long to Close | Alt 45 days | ||
| Fannie/Freddie 45-60 days | |||
| Closing Cost | Under $10MM 3% of loan | ||
| Over $10MM 2% of loan |
Whether your mobile home park loans is financed via freddie mac, fannie mae or alternative loan products, the loan will cash flow very well with the 30-year amortization. The 30-year amortization typically is a lower payment than the local banks. The Freddie Mac products typically want the loan amount to be above $10 million but the Fannie Mae product loan amount is as low as $1,000,000.00 dollars. Don’t forget that if your mobile home park loans is lower than $1,000,000.00 dollars, I have alternative loan products with attractive terms. I lend nationwide to out of state investors. So if you are looking to buy or refinance your mobile home park that is located in any state, give me a call. Call me today at (512) 650-8630 or 512-354-5949. You may also click here to fill out the form to get started today.
Karen Schimpf
Commercial Capital Ltd.
e: KarenSchimpf at gmail.com
s: https://www.linkedin.com/in/karenschimpf/
w: www.applycommercialloans.com/
m: 512-354-5949