How do commercial DSCR lenders underwrite Tenant-Owned Homes (TOH) vs. Park-Owned Homes (POH) in a Mobile Home Park?

Institutional MHP lenders credit 100% of stabilized Tenant-Owned Home (TOH) dirt pad lot rent and sub-metered RUBS utility recapture, while applying a 50% maintenance/depreciation haircut to the home rental surcharge above pad rent on Park-Owned Homes (POH).

What is the minimum Debt Yield and Operating Expense floor for Self-Storage and MHP loans?

Commercial specialty shelves enforce a 30%–35% operating expense floor on Self-Storage and a 34%–42% expense floor on Mobile Home Parks and RV Parks, paired with a minimum 1.25x DSCR and 9.5%–10.5% Commercial Debt Yield (NOI / Loan Amount).

Commercial Specialty Asset Class Desk · Loan Daddy LLC (NMLS #2827624 · AZ CMB #CMB-2016143 · CA CFL #60DBO-218873)

Mobile Home Park (MHP), RV Park & Self-Storage Commercial DSCR Desk

Model Tenant-Owned Home (TOH) pad lot rent vs. Park-Owned Home (POH) 50% rental haircuts, sub-metered RUBS utility recapture, Self-Storage climate-controlled vs. drive-up economic occupancy, operating expense floors (30%–42%), Cap-Rate valuation, and Commercial Debt Yield (>= 9.5%–10.5%).

Commercial Specialty Desk · Loan Daddy LLC Wholesale Desk · NMLS #2827624

MHP (TOH vs. POH), RV Park & Self-Storage Commercial DSCR & Debt-Yield Calculator

Underwritten Annual NOI

$268,690/yr

EGI $413,370 · 35% OpEx

Implied Cap-Rate Valuation

$3,980,593

Implied LTV: 54% @ 6.75% Cap

Commercial DSCR Coverage

1.51x DSCR

Target Gate: >= 1.25x (MHP/Storage)

Commercial Debt Yield

12.5%

Verdict: INSTITUTIONAL_COMMERCIAL_PASS

MHP, RV Park, and Self-Storage Commercial Underwriting Standards Matrix
Specialty Asset Sub-Class	Max Purchase / Refi LTV	Underwritten OpEx Floor	Min DSCR / Debt Yield	Key Underwriting Rule
Mobile Home Park (TOH >= 80%)	75% Acquisition / 70% Cash-Out	34% – 38% of EGI	1.25x / 9.5% DY	100% credit on dirt pad rent; city utilities or permitted well/septic
Hybrid MHP (POH > 20% Units)	70% Acquisition / 65% Cash-Out	40% – 45% of EGI	1.30x / 10.0% DY	POH home rental surcharge receives 50% haircut above market pad rent
Extended-Stay / Seasonal RV Park	65% – 70% LTV	40% – 45% of EGI	1.35x / 10.5% DY	Requires trailing 24-month T-12 operating statements & 50%+ long-term pads
Self-Storage (Climate & Drive-Up)	75% Acquisition / 70% Cash-Out	30% – 35% of EGI	1.25x / 9.5% DY	Underwritten to lesser of actual T-12 economic occupancy or 90% cap

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