Bridge Loan
Mobile Home Park Loans - LG164
Mobile Home Park Loans - LG164
Summary of all Guidelines | |
| Loan Types | Bridge Loan |
| Property Types | Mobile Home Park |
| Lendding Area | NATIONWIDE |
| Loan amount Minimum | $200,000 |
| Loan amount Maximum | $20,000,000 |
| Interest Rate Minimum | 8% |
| Interest Rate Maximum | 12% |
| Points Minimum 1st TD | 1 |
| Points Maximum 1st TD | 5 |
| Terms | 6 month, 9 months, 1 year, 18 month, 2 year, 8 months |
| Typical Days Required to Fund | 6-10 Business days |
| Interest Only or Amortized | Interest Only |
| Lien Position | 1st |
| General Pricing or Guideline info | -Minimum spaces: 40 pads -Prefer parks that have paved roads. Gravel packed roads will be considered on a case by case basis. -Prefer individual meters for water and electricity -Prefer tenants own 75% or more of the homes -Prefer sewer over septic -Prefer individual meters for water and electricity -Homes should be skirted with no tongues or hitches showing. - Time to Close 5 - 7 days - Up to 60% LTV and 60% of ARV for rehab, not to exceed 90% of the purchase price. - Loan Term: 3 - 24 months - Lending Areas Nationwide, in metropolitan and coastal areas. |
| Updated as of | 2023-10-09 |
| Program Code | LG164 |
-Minimum spaces: 40 pads
-Prefer parks that have paved roads. Gravel packed roads will be considered on a case by case basis.
-Prefer individual meters for water and electricity
-Prefer tenants own 75% or more of the homes
-Prefer sewer over septic
-Prefer individual meters for water and electricity
-Homes should be skirted with no tongues or hitches showing.
- Time to Close 5 - 7 days
- Up to 60% LTV and 60% of ARV for rehab, not to exceed 90% of the purchase price.
- Loans Term: 3 - 24 months
- Lending Areas Nationwide, in metropolitan and coastal areas.
