“Caught a $40K septic issue and a 38% POH ratio before close.”
MHP underwriting has its own landmines — POH concentration, private septic, sub-metered utilities, and a narrow slate of capital sources that actually lend on the asset class. AssetForge Underwriter is built around those realities. Upload your rent roll, P&L, and park photos and get a report that reads like a broker package combined with a lender checklist.
The analysis flags every dealbreaker that kills MHP loans at submission: more than 20% POH, private water that isn't tested, lots under a minimum size, and expense ratios that don't pencil against comparable parks.
We publish one full reference report so you can read every section before you upload anything. The structure is identical for mobile home park deals — the same 14 sections, the same depth, the same lender-ready output.
Parks with >20% park-owned homes hit agency problems. AssetForge flags the threshold and recalculates NOI on a lot-rent-only basis so you see the real collateral.
Septic, well, propane, private roads — every one is a lender-underwriting issue. The report surfaces each and quotes the remediation cost band.
Runs the deal against Fannie MHC, Freddie MHC, and CMBS guidelines — tells you which capital sources will actually look at it.
If rents are under market, the pro forma models the mark-to-market lift with realistic turnover timing, not fantasy overnight increases.
Most underwriting tools were built for apartments and bolted on a checkbox for "MHP." AssetForge's mobile home park underwriting service is purpose-built for the asset class: park-owned-home concentration, sub-metered utility cost recovery, RV mix, lot-rent upside, and the specific lender guidelines that actually fund MHC deals (Fannie MHC, Freddie MHC, regional banks, and SBA where applicable).
A naïve DSCR on an MHP overstates collateral because POH revenue is operating income, not rental income. Our mobile home park DSCR analysis re-bases NOI on a lot-rent-only basis, computes DSCR at 65%–80% LTV, and shows you what the deal looks like to a Fannie MHC underwriter — not just to a spreadsheet.
Mobile home park SBA eligibility is narrower than most operators realize: standard 7(a) is generally not available for passive land-lease parks, but owner-operated parks with a meaningful service component (laundry, store, propane, RV transient) may qualify. Our SBA eligibility module screens use-of-proceeds, owner-occupancy structure, and SOP-50-10-8 specifics and tells you whether SBA is even worth a phone call.
There's no minimum — we've analyzed parks from 12 lots to 400+. Smaller parks usually fall outside agency eligibility, so the report focuses on SBA, local bank, and seller-carry structures.
Yes. Mixed RV/MHC parks are analyzed by segment — each revenue stream is underwritten separately because agencies treat them differently.
SBA 504 and 7(a) eligibility is analyzed based on owner-occupancy, use of proceeds, and borrower qualification. The report explicitly flags whether SBA is a fit — it doesn't guess.
Plain-English explainers covering the formulas, eligibility rules, and risk flags that drive mobile home park deals.
Why park-owned homes break agency-eligibility — and how to underwrite around it.
Read guide →The 12 things to verify on every park before close — septic, surveys, leases, and more.
Read guide →Which program fits which deal — and why most MHPs don't qualify for either.
Read guide →Start with a free Go/No-Go screen. Upgrade only if the deal looks real.
AI-generated informational analysis only — not financial, legal, lending, or appraisal advice. Not a substitute for a licensed MAI-certified appraisal or professional due diligence. All figures, projections, and market estimates must be independently verified by qualified professionals before any capital decision is made.