Contact us today if you are looking to build, buy, or refinance five-star mobile home park
1-800-595-1474 is the number to call for a free consultation.
Call Us...Toll Free!

5-Star Mobile Home Parks
Apartments
Apartment Buildings
Assisted living facilities
Auto repair garages
Boutique hotels
Car dealerships
Care facilities
Car wash facilities
Casinos
Church financing
Congregate care
Drugstores
Walgreens
CVS Pharmacies
Rite Aid
Energy
Ethanol plants
Factories
Factory outlets
Franchises
Gas stations
Golf courses
Grocery stores
Hospitality
Hotels
Housing developments
Independent living facilities
Industrial parks
Land acquisitions
Manufacturing facilities
Medical facilities
Medical offices
Mini storage
Mixed use
Mobile home parks
Movie theaters
Office buildings
Offices
Parking garages
Post Offices
Private schools
Raw land
Regional malls
Residential subdivisions
Resorts
Restaurants
Retail centers
RV parks
Senior housing
Shopping centers
Ski resorts
Special use buildings
Strip centers
Student housing
Tract development
Warehouse distribution centers
Warehouses
Wineries

 
 
 

FIVE-STAR MOBILE HOME PARK
FINANCING

Ocean Pacific Capital has been in business since 1975 and have extensive experience financing mobile home parks. To many mobile home park owners, the “star” rating system may be a mystery. If someone has told you that your mobile home park is rated "5 stars" what does this actually mean? No other type of commercial property has a history of using this quirky practice of grading with a 1-5 star rating. It is important to know the history behind this rating and understand how star ratings affect you as a mobile home park owner, investor, or builder.

The history behind this unique practice is surprisingly unknown to most in the commercial finance and mobile home park industries. The rating system is actually a holdover from an old mobile home park directory that was published out of Chicago in the fifties, sixties, and seventies by Woodall Publishing. Although citing star ratings is still commonplace, the actual directory that originated the rating system has not been in publication for more than 25 years.

It is important to know that the star rating was never intended as a measure of investment quality, rather as a guide to the level of services available at one park compared to another. The truth is, there is no nationally recognized standard to grade mobile home parks. Outlined below is a how the original article classified the different mobile home park ratings.

The most important consideration for a one-star park is overall appearance. If it is not a decent place to live, it will not be listed in Woodall's directory. The following are general requirements:

1A. Fair overall appearance.

1B. Patios on most lots. May be concrete, asphalt, wood, or some suitable. material

1C. Grass, rocks, or shell to cover ground.

1D. Streets fair to good. May be dirt, asphalt, or gravel in reasonable condition.

1E. Restrooms clean, if any.

1F. Adequate laundry or Laundromat nearby.

1G. If fences allowed, must be neat.

1H. Mail service.

1I. Homes may be old models, but show evidence of some care.

1J. Manager available some hours of each day.

Woodall two-star park

2A. Landscaping--some lawns and shrubs.

2B. Streets in good condition. Must be dust free of crushed rock, gravel, or shell minimum.

2C. Neat storage.

2D. Well equipped laundry or laundromat nearby.

2E. 220-volt electrical connections available.

2F. If children accepted, park should have play area.

2G. Park free of clutter, such as old cars and other abandoned equipment.

2H. Well-maintained and managed.

Woodall three-star park

What a three-star park does, it does well, but not as uniformly as higher rated parks. Many three-star parks were once rated higher, but original construction does not allow for today's 10-foot, 12-foot, and double-wides, or the 55-foot and 60-foot lengths.

If children are allowed, there should be adequate play area. However the disarray caused by children may at times be the determining factor that keeps a three-star park at that level when it otherwise could be rated higher.

In addition to the requirements for one-star and two-star parks, a three-star park must have the following:

3A. Attractive entrance.

3B. All mobile homes must be in good condition.

3C. Awnings and cabana rooms on some homes in southern area.

3D. Some spaces for large mobile homes.

3E. Paved or hard surfaced streets.

Woodall four-star park

(There are two categories. See item 4K.) Four-star parks are luxury parks. In addition to the requirement for one-star, two-star, and three-star parks; a four-star park must have the following:

4A. Good landscaping.

4B. Most homes skirted with metal skirts, concrete block, ornamental wood, or stone.

4C. Paved streets, edged, or curbed.

4D. Uncrowded lots.

4E. Underground utilities if permitted by local conditions and authorities.

4F. Most tanks, if present, concealed.

4G. Any hedges or fences must be attractive and uniform.

4H. Awnings, cabanas, or porches on most homes in southern areas. (Except double-wide units.)

4I. Most lots to accommodate large homes.

4J. Where row parking of homes exists, all must be lined up uniformly.

4K. Community hall and/or swimming pool and/or recreation program. (If a park is four-star in all but this requirement, the fourth star will be printed as an open star, indicating a four star park without recreation.)

4L. Excellent management.

Woodall five-star park

Five-star parks are the finest. They should be nearly impossible to improve. In addition to the requirements for one-star, two-star, three-star and four-star parks, a five-star park must have the following:

5A. Well-planned and laid out. Spacious appearance.

5B. Good location in regard to accessibility and desirable neighborhood.

In some locations park should be enclosed by high hedges or ornamental fence.

5C. Wide paved streets in perfect condition. Curbs or lawns edged to street, sidewalks, street lights, street signs.

5D. Homes set back from the street.

5E. Exceptionally attractive entrance and park sign.

5F. Patios at least 8 x 30 ft. (Except double-wide units.)

5G. Paved off-street parking such as carports or planned parking.

5H. All homes skirted.

5I. All hitches concealed. Any existing tanks concealed.

5J. Recreation, some or all of the following: swimming pool (except areas with long, cold winters), shuffleboards, horseshoe pitching, golf course, hobby shop, hobby classes, games, potlucks, dances, or natural recreation facilities.

5K. Beautifully equipped recreation hall with kitchen. Room for community gatherings. Tiled restrooms, etc.

5L. Uniform storage shed or central storage facilities.

5M. All late model homes in excellent condition.

5N. At least 60% occupancy in order to judge quality of residents which indicates park's ability to maintain a five-star rating between inspections.

5O. All empty lots grassed, graveled, or otherwise well maintained.

5P. If pets or children allowed, there must be a place for them to run and play without cluttering the streets and yards. Most five-star parks are for adults only.

5Q. Superior management interested in comfort of residents and maintenance of park.

There are several elements to this rating system which are out of date. Not the least of which, an average park will often be described as a "three-star park." However, if you look at the above descriptions, a three-star rating by the actual Woodall criteria would be a below average property by today's standards.

For this reason, when someone uses the star rating to describe a park, do not believe that it is based on any current system or fact. It is merely the opinion of the person using the term. Don't be fooled into thinking there is a higher authority somewhere doling out stars. You need the trusted experience of our company on your side, to guide you through the entire process of mobile home park financing and avoid the pitfalls of misinformation.

Simply call us at 1-800-595-1474 for a free consultation onw how you can receive the best mobile home park financing for your scenario.


Whatever your financing needs,
we will tailor a loan that's right for you.

 


Daily Oil & Gas and Wall Street Journal News
8/25/19

Oil Prices Mixed for the Week
Posted on Thursday August 22, 2019

WTI and Brent crude futures declined Friday, but the Brent managed to show a slight week-on-week increase.

AAA Sees Falling Fall Pump Prices
Posted on Thursday August 22, 2019

Most US motorists could save 25 cents or more per gallon on gasoline this fall compared to this summer, claims AAA.

US Oil, Gas Rig Count Plummets by 19
Posted on Thursday August 22, 2019

The U.S. dropped 16 oil rigs and three gas rigs for a net loss of 19 rigs, according to BHGE.

Keystone XL Clears Hurdle in Nebraska
Posted on Thursday August 22, 2019

TC Energy Corp.'s long-delayed Keystone XL oil pipeline cleared a significant legal hurdle as the Nebraska Supreme Court ruled that regulators approval of the conduit's route through the state was valid.

Saudi Aramco Awards 28-Jacket Project
Posted on Thursday August 22, 2019

A consortium of Larsen & Toubro and Subsea 7 subsidiaries has won an EPCI contract from Saudi Aramco.

Half of Venezuela's Oil Rigs May Shut Down If US Waivers Lapse
Posted on Thursday August 22, 2019

A looming U.S. sanctions deadline is threatening to clobber Venezuela's dwindling oil-rig fleet and hamper energy production in the nation with the world's largest crude reserves.

Texas Driller Sues US to Get Visa for Big-Game Hunter
Posted on Thursday August 22, 2019

Matador Resources Co. is suing U.S. immigration authorities to give the oil driller's $110,00-a-year big-game hunting expert a visa.

$50 Oil Threatens Future Subsea Growth
Posted on Thursday August 22, 2019

2019 will mark the first time since 2014 the subsea market will have year-on-year growth, but declining oil prices could threaten this growth, according to Rystad Energy.

Oil Prices Falter Before Jackson Hole Speech
Posted on Wednesday August 21, 2019

WTI and Brent futures posted losses Thursday.

Trump Admin to Meet to Discuss Biofuels Fallout
Posted on Wednesday August 21, 2019

Top Trump administration officials will meet to consider options for quelling a backlash in politically important farm states over recent biofuel policy moves.

Wall Street Journal
Commercial News

8/25/19

WSJ.com: US Business

Google Curbs Political Debate by Employees
Google tightened its guidelines on how employees communicate about politics and topics not related to work, in a major shift for a company that has long prided itself on open debate.

U.S. Appeals Court Freezes Antitrust Ruling Against Qualcomm
A federal appeals court halted for now a ruling that found Qualcomm committed an array of antitrust violations, a boost for the chip maker that allows it to maintain its business practices for the near future.

Disney Enlists Superfans as It Prepares to Face Off Against Netflix
Disney?s high-profile attempt to compete in streaming was center stage at D23, where a slew of new shows and movies for Disney+ was announced and fans were offered a three-year deal for the service at a deep discount.

Amazon Has Ceded Control of Its Site. The Result: Thousands of Banned, Unsafe or Mislabeled Products
Just like other tech companies that have struggled to tackle misinformation on their platforms, Amazon has proven unable or unwilling to effectively police third-party sellers on its site. A Wall Street Journal investigation found 4,152 items declared unsafe by federal agencies, deceptively labeled or banned by federal regulators.

The Atlantic, Propped Up by Laurene Powell Jobs, Charts New Course
The Atlantic magazine, which has beefed up its staff and expanded its coverage in the past 18 months, faces a test when it launches a new paywall strategy sometime after Labor Day.

BOE's Carney Says Trade War Imperils Global Growth
Bank of England Gov. Mark Carney said in an interview at the annual central bankers symposium in Jackson Hole, Wyo., that global growth prospects are flagging due to a trade war pursued by Washington.

Powell Issues Warning Over Trade, Signals More Rate Cuts Are Possible
Fed Chairman Jerome Powell gave his most forceful warning yet about the risks to the U.S. economy from escalating trade tensions and the limits to the central bank?s ability to cushion any fallout.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
Top| Contact| Privacy| Licensing| Site Map| Resources
DESIGNED AND
POWERED BY

Ocean Pacific Capital