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 |