Mobile Home Park Loans
We specialize in providing mobile home park loans for investors looking to purchase or refinance their mobile home park. 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?
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 clubhouse, 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 $500,000.00 dollars. Owner owned or investment homes do not matter, the park is debt serviced based on pad income. So when you submit your P&L you will need to separate out the coach income from the pad income.
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.
What is the benefits of financing your mobile home park loans under the agency program versus an alternative loan?
| Type of Loan | Alternative Loan | Fannie Mae | Freddie Mac SBL |
| Non-Recourse | No | Yes | Yes |
| Loan Term | 5,7,10 and even 30 year 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 | Yes | 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 | Bank locks rate after 10 days of committee approval | ||
| Fannie/Freddie – received 3rd party reports, all due diligence and after final approval | |||
| How Long to Close | Alt Loan 45 days | ||
| Fannie/Freddie 45-60 days | |||
| Closing Cost | Under $10MM 3% of loan | ||
| Over $10MM 2% of loan |
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. I am located in Cedar Park, Texas near Austin but 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) 358-1511. You may also click here to fill out the form to get started today.