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Banc-Series
Mobile Home Park Loan Program
Guidelines
Banc-Series mobile home park loan guidelines are provided for
informational purposes only and do not constitute, or
should not be interpreted, to be an offer to make a
loan, a loan approval, or any other language that
implies that by meeting these basic requirements,
CommercialBanc will provide a loan. |
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Eligible Properties |
Existing mobile home parks with 15 or more pads |
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Loan Size |
$400,00
- $5,000,000 |
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Pricing |
3, 5, 7,
10, & 15 year fixed |
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Programs |
3, 5, 7,
& 10 year fixed terms followed by floating rate periods
to 30 years
15 year fixed fully amortized
2, 3 and 5 year interest only payment options available |
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Payment |
Standard
payment
2, 3 and 5 year interest only payment options available
with credit score above 700 |
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Rate Adjustments |
5/1/6
CAP
Index: 6 Month LIBOR
Margin: 2.500%
Floor: Initial rate minus .5% |
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Prepayment |
3 year - 4, 2, 0
5 year - 5, 4, 3, 2, 0
7 year - 5, 5, 4, 3, 2, 1, 0
10 year - 5, 5, 4, 4, 3, 2, 1, 1, 0
15 year - 5, 5, 4, 4, 3, 2, 1, 1, 0 |
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Personal Guarantees |
Required
Guaranty drops to 50% with LTV below 75%
No recourse at 50% LTV |
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Minimum DSC |
1.20
based on actual loan constant |
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Fees |
Fixed at
$7,500, due upon acceptance of offer |
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Loan-to-Value |
80% LTV
for purchases and rate and term refinance
75% cash out
refinances |
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Lease Documentation |
Substitute three months subject property bank statements
for leases
For mixed-use properties, all leases must be submitted
Monthly and annual leases acceptable |
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Rate Lock |
60-day
forward lock - $500 lock fee |
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Occupancy Requirements |
No less
than 90% for 90 days preceding closing
Rent stabilization holdbacks are not allowed |
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Title Requirements |
Title to
be ordered by CommercialBanc at borrower's cost |
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Appraisal Requirements |
Appraisal to
be ordered by CommercialBanc at borrower's cost, no
exceptions |
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Personal Credit
Requirements |
640
minimum credit score - lower credit scores accepted on a
case-by-case basis
No personal bankruptcies in past 7 years |
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Documentation Required
to Receive a Pre-Approval |
Credit
report on all guarantors
Property operating history for past two years
Year-to-Date property operating history
2 most recent years tax returns on all guarantors
Rent roll
Subject property pictures |
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