| Loan Amount: | $2,000,000 minimum |
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| Market: | Nationwide |
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| Loan Term: | 7 and 10 years |
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| Amortization: | 25 years; 30 year amortization is available on a case by case basis for higher quality communities |
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| Eligibility: | Each community must contain a minimum of 50 sites, of which at least 66% must be able to accommodate double wide homes. |
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| Prepayment: | Typically a lock out period followed by either a yield maintenance or defeasance formula or defeasance option |
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| Recourse: | Non-recourse, except for standard lender carveouts |
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| Borrower: | All properties must be owned by a single asset or single purpose entity. |
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| Debt Service Coverage: | Minimum 125% |
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| 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 |
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| Subordinate Financing: | Prohibited |
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| Occupancy: | Properties must be 90% physically occupied at loan funding and for the 90 day period prior to commitment |
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| Assumability: | Yes, one time right subject to lender approval and the payment of a processing fee and a 1% assumption fee |
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| Reserves: | Tax and insurance escrows are required. Replacement reserves and repairs required as determined by the engineer’s report. |
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| Rate Lock: | Rates are fixed five to ten days prior to closing |
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| 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 |
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| Financing Fees: | 1% of the loan amount |
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| Timing: | Commitments issued in 45 days or less |
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| 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. |
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