“Four Star” or better rating equivalent manufactured housing communities with a minimum of 50 sites. Properties must have a minimum occupancy of 90% at the time of commitment and during the preceding three-month period.
Fixed or adjustable-rate mortgages with terms ranging from 5 to 30 years.
PREFERRED LOAN SIZE:
$10 million and larger.
Amount equal to the lesser of:
80% of appraised value; or
For fixed-rate mortgages, 1.25 debt service coverage; for adjustable-rate mortgages, 1.00 debt service coverage using the underwriting rate. The underwriting rate is equal to the note rate plus the greater of 3% or the Lifetime Interest Rate Cap.
Determined by market rates at the time of rate lock. Rates vary by loan-to-value ratio, debt service coverage and property quality.
Up to 30 years for age restricted communities, all others 25 year amortization.
None, except for standard exceptions to non-recourse, which are the responsibility of the Key Principal(s).
Assumable, subject to Walker & Dunlop approval and a 1% transfer fee.
For fixed-rate mortgages, yield maintenance or defeasance options; for adjustable-rate mortgages, no prepayment allowed for the first year; thereafter, either 1% or fixed declining prepayment options.
Fannie Mae Supplemental Loans (second mortgages) available 12 months after initial loan closing.
Supplemental loans can be provided on a fixed or adjustable-rate basis.
125% to 150% of estimated cost of required repairs, if any, as determined by the physical inspection.
Monthly escrows for real estate taxes, property insurance and replacement reserves.
Based on estimated underwriting costs for appraisal, architectural / engineering report, environmental assessment and other loan processing costs.
Standard transaction costs, including legal fees, title insurance and survey.
- Key Principal of Borrower shall have experience in operating manufactured housing communities.
- Competitive amenity package.
- Paved roads with rolled or concrete curbs, and concrete patios or raised porches/cabanas.
- All homes shall be professionally skirted, and a minimum of 75% of all hitches/jackposts concealed.
- Minimum of two off street paved parking spaces subject to local zoning ordinances.
- 50% of the total sites must be doublewide to allow for placement of doublewide homes upon turnover.
- No more than 10% tenant-occupied.
- Maximum density shall not exceed 10 homes per acre.
- Public underground utilities. Written approval from Walker & Dunlop is required for a septic system or a private water treatment plant.
- Seasonal properties may require a seasonal working capital reserve for payment of operating expenses and debt service for the property during seasonal reductions in rent collections.
PRELIMINARY SUBMISSION PACKAGE:
Include the following in your request for a loan quote:
- Property description and location map.
- Representative color photographs.
- Current rent roll and year-to-date operating statement.
- Operating history – prior 3 years, if available.
- Current year operating budget.
- Existing debt and cost basis.
- Sponsor resume.
This is a summary of general program terms, which are subject to change. This is not a commitment to lend.