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