CRELender created a division to fill the very specific needs that come with financing a mobile home park. Financing can be surprisingly difficult to secure, as most banks make it a policy not to add mobile home communities to their portfolios. They disposition themselves, and then point to a lack of experience dealing with mobile homes as the reason tying their hands. This left the market for financing these communities in need of funding options, so we made it our expertise to fund them.
Mobile home park loans have been separated in the world of commercial lending as a niche. If you are looking to purchase, rehabilitate, or refinance a Mobile Home Community you are bound to face the same problems each time. Many banks have turned down borrowers merely because they do not want to finance a mobile home park. Manufactured homes have almost no equity value to a commercial lender because they depreciate quickly, or do not hold up well in storms, and based on conventional thinking are, for some reason, considered “easy to move”.
In reality, most of the park-owned homes do not have wheels and would cost more to move than they are worth. Furthermore, most banks project that parks with a majority of park-owned units have average tenancy of 10 months, and fail to recognize additions and renovations to the roads and community center properties. CRELender recognizes mobile home parks as profitable and growing multifamily communities. We take into account what has, and will be invested into the neighborhoods, and make our decisions based on the facts.