Fannie Mae Multifamily provides financing options for manufactured housing communities where the Borrower owns the Manufactured Housing Community (MHC) sites and associated common amenities and infrastructure.
- Customized solutions
- Competitive pricing
- Certainty of execution
- Speed in processing and underwriting
- Existing, stabilized, professionally managed MHC, with or without age restrictions, having a minimum of 50 pad sites
- Quality level three, four, or five communities
- At least one Key Principal of the Borrower should have experience in operating MHC
- Lenders experienced in financing MHC and approved by Fannie Mae for participation
|Up to 30 years.
|Fixed-rate and variable-rate options available.
|Supplemental Mortgage Loans are available.
|Flexible prepayment options are available. Mortgage Loans may be voluntarily prepaid upon payment of yield maintenance for fixed-rate Mortgage Loans or graduated prepayment for variable-rate Mortgage Loans.
|30-day to 180-day commitments. Borrowers may use the Streamlined Rate Lock option.
|30/360 and Actual/360.
|Non-recourse execution with standard carve-outs for “bad acts” such as fraud and bankruptcy.
|Funding of tax and insurance escrows depend on leverage level. Replacement reserve escrow is typically not required.
|Standard third-party reports required, including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment.
|Mortgage Loans are typically assumable, subject to review and approval of the new borrower’s financial capacity and experience.
|Minimum Underwritten Vacancy/Collection Loss
|Minimum 5% economic vacancy assumption.
During the HomeStreet Bank pre-qualification review, our Commercial Real Estate Group team members will estimate the loan amount and associated transaction fees. Actual loan amounts and transaction-related expenses may vary. A pre-qualification estimate is not a loan commitment.
Terms and conditions may apply.
Fannie Mae® is a registered trademark of Fannie Mae. DUS® is a registered trademark of Fannie Mae.
All loans subject to approval.