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Mobile Home Parks – Loan Underwriting Guidelines

Please incorporate the below minimum guidelines when you prepare and submit your proforma for underwriting approval:

 Rental Income:Based upon current rent roll annualized with vacant space calculated at market rents
(+)Other Income:Must be supported by historical collections
(-)Vacancy:Equal to the greater of the actual or a minimum of 10%
(-)Management Fee:Equal to the greater of the actual management fee of 5%
(-)Operating Expenses:Should be supported by detailed previous year and current year to date expenses
(-)Capital Reserves:Minimum of 4% of total income, depending upon property age and condition
 Equals:Net operating income