Caffrey Company LLC has been involved in Mobile Home Park Loans since April of 2000. MHP loans with the best interest rates start at $1,000,000. The following are some of the features of the many countrywide loan programs offered by these offices.
Loans in excess of $1 million:
- Loans of up to 80% of the purchase price and value are available. For cash-out and refinancing, you can get up to 75%.
- 5, 7, 10, and 12-year loan periods are available.
- Amortizations are typically 30 years, with occasional interest-only periods possible depending on the circumstances.
- Interest rates are extremely competitive and fluctuate on a regular basis. In general, interest rates for home loans are around 10 basis points higher than those for apartment loans. So, if an apartment loan has a 4.50 percent interest rate, a mobile home park loan with identical parameters would have a 4.60 percent interest rate. Take a look at our current loan rates. The "Like Term" SWAP or US Treasury affects the majority of loans. We get our US news from Bloomberg every day.
- For stabilized properties non-recourse loan terms are available.
It is permissible to mix Mobile Home Parks with RV Parks. The RV units should make up no more than 25% of the total pad sites, according to several of the best lending products.
Documents Required for the Loan Application:
The more information you can offer upfront, the more complete the Mobile home park financing loan application might become. Lenders like to see the following:
- PLs for the previous three years (if available) and the current year. Ideally, you should be able to present the PLs for the previous two months month by month. A trailing twelve-month PL is what this is called (T-12).
- Rent is currently being collected. If there are many pad sites, please specify whether they are double-wide, single, or RV pads. It's crucial to know how many unoccupied sites there are, as well as how many leased pad sites there are.
- Indicate whether you're looking for an acquisition or a refinance with or without cash out.
- Indicate the investors' total net wealth and liquidity.
