Eligibility
Four and five star MHC's with 50% or more doublewide sites

Loan amounts
$2 million minimum. No maximum.

Term/amortization
5 to 30 year term
25 year amortization (standard)
30 year amortization (qualifying properties)

Interest rates
Fixed or adjustable

Debt service coverage ratio
1.25x minimum (fixed)
1.00X minimum (ARM)

Loan to value
75% maximum (standard)
80% maximum (qualifying properties)

Personal recourse
Non-recourse with standard "Carve-Outs" and Key Principal obligations

Prepayment   
Yield maintenance, defeasance or graduated prepayment

Origination fee
1% / $20,000 minimum

Commitment fee
2% (refundable)

Third party fees
Includes legal, appraisal, engineering, and environmental reports. Seismic reports and survey may also be required.

Minimum occupancy requirement
90% sustained for 90 consecutive days
(85% acceptable for special circumstances)

Replacement reserve impounds
Required - not less than $25/pad/year
(waiver considered for special circumstances)

Taxes and insurance impounds
Required
(may be waived for low leverage transactions)

Assumability
Assumable with lender approval and a 1% fee

Supplemental mortgages   
Available after 1 year (up to 2 available, plus 1 more upon sale and assumption)

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