Purchase, refinance, or expand manufactured housing communities
Manufactured housing communities are underwritten differently from almost any other residential-adjacent asset, because in most cases the lender is financing the land and the infrastructure rather than the homes sitting on it.
Revenue comes from lot rent, the resident typically owns their own home, and the physical condition that matters most is frequently underground and invisible on a walkthrough.
In a tenant-owned-home community, income is essentially ground lease revenue. That tends to be stable, because a resident who owns their home faces real expense and difficulty in moving it. Park-owned homes add rental income but also add maintenance obligation, which changes the expense picture.
Private well and septic systems, master-metered versus direct-billed utilities, and the age of underground lines carry more weight here than in nearly any other property type. Deferred infrastructure is expensive and largely invisible until it fails.
Income is bounded by the number of usable pads. Vacant lots represent genuine upside, but only where utilities already reach them and local zoning permits fill — otherwise they are just land.
Resident profile affects turnover, collections and rent growth. It is a real underwriting variable rather than a cosmetic distinction, and it shapes how stable the income stream is assumed to be.
Program parameters shown are current as of publication and are subject to change. All financing is subject to credit approval, property and business review, and program availability. Commercial and business-purpose financing only.
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