MOBILE HOME PARKS

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SMALL BALANCE MOBILE HOME PARKS

$100,000 minimum to $1,500,000.
Up to 95% LTV for owner occupied, 90% LTV for investor.
Fixed and adjustable rates- 2,3,5,7 year
Up to 30 year amortization
Homes permanently fixed to foundation
Gravel streets and driveways acceptable
Park owned homes acceptable but not financed with real estate
Seller seconds negotiable on a per deal basis
Minimum 1.0 debt service ratio
Home rent not applicable to park income but may be applied to personal income for borrower depending on borrower and park financials
The simplest loan on the market, minimal paper work
These loans are assumable to qualified buyers which is a "biggie"

MEDIUM BALANCE MOBILE HOME

Maximum 25% park owned homes
Homes permanently fixed to the foundation
Streets must be paved or asphalt toped
$500,000 minimum to $5,000,000 loan amounts
Minimum pads is 15
No income from home rentals acceptable - only pad rental
Seller seconds acceptable provided seller has a lien position in another piece of collateral controlled by the borrower
Minimum 1.2 debt service ratio
Maximum 80% Loan to Value
Up to 10 year fixed, to 30 year amortization

LARGE BALANCE MOBILE HOME PARKS

No park owned homes
Homes permanently fixed to the foundation
Paved or asphalt toped streets and driveways
$1,000,000 minimum loan amount
Loan to Value negotiable depending on borrower and park financials
Up to 10 year fixed rates, to 30 year amortization

The Residential Mortgage and Commercial Company finances and refinances commercial properties nationwide. Our mission is to provide our customers with timely responses and competitive customized quotes from direct lenders who specialize in the following general types of properties :

Since we have lenders who specialize in Mobile Home Parks of all types we can offer a customized program to meet your present day and future financial needs, weather acquisition - refinance - portfolio. You will find that we are very competitive and responsive

PRE-QUALIFICATION DATA
FULL NAME OR ALL PARTIES INVOLVED:
BORROWER BUSINESS RESUME:
DO YOU CURRENTLY OWN A MOBILE HOME PARK: IF YES HOW MANY?
YEARS OF MANAGEMENT EXPERIENCE:
BUSINESS PHONE:
BUSINESS FAX:
CELL PHONE:
E-MAIL:
PROPERTY INFORMATION
LOCATION & ADDRESS OF STATION:
CASH AVAILABLE FOR DOWN PAYMENT:
PROJECT TYPE: CHOOSE ONE OF THE FOLLOWING:
IF CASH OUT REFINANCE PLEASE SHOW DETAILED USE OF FUNDS:
LAST KNOWN MID SCORE. (We will eventually have to pull a new report.)
LOAN TO VALUE: (choose one)
LOAN TYPE:
REQUESTED TERM OF AMORITIZATION.
Standard 1003 application form (This data can be taken on phone if not current, showing other property owned.)
PROPERTY DATA
SELLING PRICE:
REFINANCE AMOUNT:
PAY OUT:
TOTAL AMOUNT OF PARK LAND:
AGE OF PARK
NUMBER OF LOTS:
HOW MANY PARK OWNED TRAILERS:
NUMBER OF TRAILER RENTS:
NUMBER OF LOT RENTS:
NUMBER OF HARD TOP STREETS & DRIVEWAYS:
NUMBER OF GRAVEL STREETS & DRIVEWAYS:
AMENITIES: (such as recreational facilities and game room) Please List all separated by commas.
STORAGE FACILITIES:
CURRENT RENT ROLL: (if not available, we will fax the form to you.)
LAST 2 YEARS PROPERTY INCOME & EXPENSE STATEMENTS OR SCHEDULE E or C:
PROJECTED INCOME FOR NEXT YEAR:
LAST APPRAISED VALUE & WHEN:
NUMBER OF IN PLACE EMPLOYEES ANDEXPERIENCE:
WHO WILL MANAGE THE PROPERTY:
WHO WILL DO PROPERTY MAINTENANCE:
SELLINGS POINTS OF PROPERTY:

DOING BUSINESS WITH US IS EASY!
Depending on the above information that is supplied, we may have to fax you one of our forms to fill out. Once the project is approved a quote will be forwarded - complete with closing costs and we will close in 45-60 days once all documents are signed.
THIS IS A PRE-QUALIFICATION APPLICATION THE INFORMATION THAT IS SUPPLIED ON THIS FORM WILL NOT BE SOLD TO ANY 3RD PARTY PEOPLE, OR COMPANIES. THE INFORMATION USED WILL BE FOR DATA RECORDS FROM TEH COMPANY OF RC MORTGAE, AND RC MORTGAGE ONLY. THANK FOR YOUR APLLICATION SUBMISSION.