Eligible Properties:
Three-, Four-, and Five-Star manufactured housing communities with a low percentage of RV sites or model homes. Accept senior and family parks. Prefer a majority of units to be double-wide. Typical density should be 5 to 7 units per acres, and the average lot size should be 5,000 square feet. Prefer an underground utility system. Require professional management services.

Eligible Property Locations:
Nationwide.

Require good site access. Prefer a highly visible location with heavy traffic.

Loan Size:
$1 Million - $30 Million; will also consider larger portfolio transactions.

Debt Service Coverage:
Typically 1.20 x minimum

Loan-to-Value Ratio:
Up to 80% on conventional life company programs, 80% LTV on Fannie Mae DUS programs, and up to 90% Loan to Total acquisition Cost available under FHA insured programs.

Loan Term:
5, 7 or 10, 15, 20, 30 and 35 year terms available. Flexible pre-payment programs available.

Amortization:
Up to 30 years depending upon the loan program chosen.

Information Required:
See Appendix A attached hereto.

NOI Calculation:
Strongly prefer to receive three full years of operating history. Determine potential gross income using the trailing 12-month historical results. Typical expense ratios should range from 35% to 45%, management fee underwritten at a minimum of 5% of effective gross income. Include minimum replacement reserves of $30 per unit.