Banc Series Nationwide Mobile Home Park Loan Program Overview
CREFCOA's Banc-Series mobile home park loans make financing your mobile home park or manufactured community housing property quick and easy. And, since you will be financing your park under the Banc-Series Apartment Loan program, you will enjoy the same great rates, low costs and flexible underwriting that our multifamily borrowers realize.
Banc Series Nationwide Mobile Home Park Program Guidelines
- $750,000 minimum MHP loan size
- 25 pad minimum
- No more than 25% park owned homes allowed
- Prefer parks that have paved roads. Gravel packed roads will be considered on a case by case basis
- No minimum population restrictions
- Low cost capped closing fee
- 3, 5, 7 and 10-year fixed rate terms
- 25 and 30-year self amortizing mobile home park loans - no balloons
- 75% LTV
- Minimum DSCR requirement of 1.25
- Step down prepay, i.e. 3, 2, 1 -- No defeasance or yield maintenance.
- 60 day rate lock
- No replacement reserves
- Tax and insurance escrows required - may be waived for lower leveraged deals
- Monthly and/or annual leases required
- Reduced recourse and non-recourse available for parks located in major MSAs with strong sponsorship and low leverage.
- Out of state owners require a management contract
- Minimum borrower liquidity requirements of 9 months P&I payments
- Minimum net worth requirements equal to 50%-100% of loan size