Fannie Mae now provides the same
competitive financing for Manufactured Housing Communities (MHC) as it does for
all other multifamily property types. All the benefits of their DUS™ product
line including attractive pricing, flexible terms and extraordinary customer
service are now available to MHC borrowers. The MHC loan parameters are similar
to Fannie Mae’s standard DUS multifamily product, offering a choice of balloon
and fully amortizing mortgages, early rate locks, supplemental mortgages and
proven reliable execution.
PNC ARCS is one of America’s leading
commercial lenders with an acknowledged expertise in multifamily finance and one
of America’s leading Fannie Mae DUS™ lenders for more than a decade.
As a PNC Real Estate Finance Company,
PNC ARCS is part of PNC Financial Services, one of the largest diversified
financial services companies in America. Now PNC ARCS can provide access to debt
and equity financing, construction loans, permanent financing, forward
commitments, tax credits, direct bond purchase programs, mezz, bridge, Fannie
Mae, Freddie Mac, FHA and Capital Markets. One single source to meet our
borrowers’ needs.
The company is now the single source for all real estate financing across the full range of commercial property types.
Beyond the benefits of any specific lending product, PNC ARCS’ experience, expertise and unwavering commitment to extraordinary customer service are what set us apart from the rest. No one delivers more.
Product Overview
Eligibility High quality MHCs. Minimum of 50 sites. 50% or more doublewide sites preferred.
Loan Amounts
$1.5 million minimum. No maximum.
Term/Amortization
5 to 30 year terms
30 year amortization
Interest Rates Fixed or adjustable
Debt Service Coverage Ratio 1.20x to 1.25x minimum depending on market
Loan to Value 80% maximum (75% max. for 5 year term)
Personal Recourse Non-recourse with standard "Carve-Outs" and Key Principal obligations
Prepayment
Yield maintenance, defeasance or graduated prepayment
Origination Fee 1% or less when applicable. $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.
Replacement Reserve Impounds Required – not less than $25/pad/year. Waiver considered for special
circumstances.
Taxes and Insurance Impounds Required. Waiver considered 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.
$500,000 minimum.