| Loan Amount: |
$2,000,000 minimum |
| Market: |
Nationwide |
| Loan Term: |
7 and 10 years |
| Amortization: |
25 years; 30 year amortization is available on a case by case basis for higher quality communities |
| Eligibility: |
Each community must contain a minimum of 50 sites, of which at least 66% must be able to accommodate double wide homes. |
| Prepayment: |
Typically a lock out period followed by either a yield maintenance or defeasance formula or defeasance option |
| Recourse: |
Non-recourse, except for standard lender carveouts |
| Borrower: |
All properties must be owned by a single asset or single purpose entity. |
| Debt Service Coverage: |
Minimum 125% |
| Loan to Value: |
Up to 75% of appraised value; LTVs up to 80% will be considered on a case by case basis for higher quality communities |
| Subordinate Financing: |
Prohibited |
| Occupancy: |
Properties must be 90% physically occupied at loan funding and for the 90 day period prior to commitment |
| Assumability: |
Yes, one time right subject to lender approval and the payment of a processing fee and a 1% assumption fee |
| Reserves: |
Tax and insurance escrows are required. Replacement reserves and repairs required as determined by the engineer’s report. |
| Rate Lock: |
Rates are fixed five to ten days prior to closing |
| Application Fee: |
Approximately $20,000 or other such amount determined by the lender to cover the costs of all third party reports (including environmental, building condition and appraisal), travel expenses and other out-of-pocket expenses |
| Financing Fees: |
1% of the loan amount |
| Timing: |
Commitments issued in 45 days or less |
| Underwriting Requirement: |
All final submissions must include an Argus Valuation-DCF data file.If you have not modeled your submitted project in Argus Valuation-DCF, you must engage us or a third party to model your project. However, on a preliminary basis, please feel free to submit your proforma in any format. |
