| Property Type |
All Mobile Home Park property types |
| Loan Amount |
$1,000,000 - $100,000,000 |
| Interest Rate |
Fixed at the comparable Term U.S. Treasury plus competitive
spreads (subject to market change); locked two days
before closing; early rate lock also available |
| Loan Term |
5, 7, 10 years; longer terms available on a case-by-case
base |
| Amortization |
Up to 30 years; older properties will receive a maximum
amortization of 25 years |
| Maximum LTV |
Refinance: up to 80% (with cash out) |
| Acquisition |
80% of loan to purchase price up to $5,000,000 |
| Minimum DSCR |
1.2x for most mobile home park properties; appraisal
report required; a summary appraisal format is acceptable |
| Environmental Regulations |
Environmental reports are not required, however, environmental
insurance is required |
| Escrows |
Required for monthly real estate taxes and property
insurance; replacement reserves are underwritten but
not collected; tenant improvements and leasing costs
are generally not required but evaluated on a case-by-case
basis |
| Non-Recourse |
Except for standard carve-outs; can be recourse under
$5,000,000 |
| Assumable |
Subject to approval and a 1% fee |
| Security |
First Mortgage on fee simple interest |
| Prepayment |
Two year lockout from the time of securitization;
defeasance for the remaining term, with the last six
months open to prepayment without penalty |
