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Premium MHP Financing for Strong  Investors 

 

         Fixed Mortgage Rates    
 July-2016 5 Yrs 7 Yrs 10 Yrs 15 Yrs
To 75% LTV 3.125% 3.375% 3.75% 3.875%
Interest rate can vary, dependent upon LTV and loan size
To learn more call 866.811.9217
                                                                                  
 

 

 

  Loan Parameters  
  Loan Geographic Coverage:   Nationwide   LTV:  75% ( 65% for MI, OH, FL, IN ) 
  Loan Size:   $1,000,000 to $10,000,000 +  Terms:  5-30 years with 30 year amortization
Property: Seeking 4 Star and up communities.  Parks to have 50 plus pads, 50% or greater doublewides,  paved and curbed streets and extra park amenities like club house, pools, tennis courts.
  Loan Features  
  Liability:  No personal liability for most loans Early Rate Lock:  Possible
  Transferable : Loans are assumable to a buyer for speedy ownership transfer.
  Secondary Financing:  Allows investor in future years to draw equity from the property without having to refinance the 1st mortgage with low secondary interest loans. 
  Misc. Loan Information  
  Closing Process:  45-60 days Third party costs:  From $5,500+
  Prepayment Penalty: Step Down or Yield Maintenance
  Minimum Occupancy:  90% for loans up to $3MM and 85% for over $3MM for 90 days prior
  Investor Requirements  
  Minimum net worth  & liquidity needed Minimum credit FICO score of 680
  Live within 100 miles of property or have two years of similar size property ownership experience
  Initial Underwriting Requirements
  Current rent roll Rentable square footage of property
  A few exterior color photos of the property, "if possible " via email   
  Last two year & year to date property operating statements
  Gross monthly revenues by the month from the last six months.  For loans over $2mm a 12 month trailing profit and loss statement by the month is requested.
  Contact  
  Email :  Michael.Robertson@Pribank.com Phone: 415.493.0714
    National:  866.811.9217
   
   

 

 

 

 

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