Global CommercialBanc has been originating multifamily financing for Mobile Home Parks for over a decade. During this time, Global has been successful in financing these MHP’s via the Agency route which provides the most competitive rates & terms. With this type of MHP financing though, there are certain criteria that must be met in order to qualify for such great rates & terms. In an effort to easily understand if your MHP qualifies, below is an easy reference to those guidelines:
 

• 50 pad minimum

• Homes must be skirted, exposed hitches is the only exception.

• Minimum of 75% owner owned homes

• At least 50% double-wide homes

• Park must have paved roads

• Minimum of 2 off street paved parking spaces adjoining each home, unless zoning indicates otherwise

• Landscaping and signage must be high quality and well maintained

Assuming your MHP fits the criteria for a community we would be able to finance, below are some tentative terms and conditions on what we could offer for financing:  
 

• Maximum LTV of 80%

• Fixed Loan Terms up to 30 years

• 30 Year Amortization

• Taxes & Insurance Escrows Required

• Non-Recourse

• Yield Maintenance Prepayment Penalty

• Loan is Assumable

• No Tax Returns Required

Qualifying for a MHP loan can be simple with Global CommercialBanc. Tax Returns are NOT required, therefore, we rely on the cashflow of the property via P&Ls. Global requires just a few basic documents from the Borrower in order to initially cashflow the property. Once that occurs, we can provide the best interest rate available depending on the specific loan term a Borrower is seeking. It’s important to also note – Global is not compensated until we have reached a successful loan closing. It is always in our best interest to ensure that if we are offering financing to a Borrower, it is something that we will be able to get to the closing table.
 

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