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Eligible Property Types |
Class "A" and "B" mobile home parks
with a minimum of 50 spaces. |
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Loan
Types |
10 year fixed rate, non-recourse, balloon loans
with amortization schedules up to 30 years; 7 year terms considered on a
case-by-case basis with a pricing adjustment. |
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Security |
First mortgages secured by Mobile
home parks on fee simple land. |
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Principal Amount
Range |
$2 million and
higher. |
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Interest
Rate |
Pricing based on T-Bill plus spread. |
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Debt Service
Coverage |
Minimum of 1.20 times depending upon
property type, age, physical condition, location and market
condition. |
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Loan to Value
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Up to
80% |
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Prepayment
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Defeasance |
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Secondary
Financing |
Prohibited; may be permitted under
certain limited conditions on a case-by-case basis. |
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Application Fee
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$5,000 non-refundable
Inspection/Loan Processing Fee payable to Lender with the Loan
Application. |
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