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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
4/24/17

India Aims To Cut Petroleum Imports As It Boosts Alternative Fuel Use
Posted on Sunday April 23, 2017

India aiming to cut its oil products imports to zero as it turns to alternative fuels such as methanol in its transport sector.

Iran Ranks As No.2 Oil Supplier To S.Korea 1st Time For A Quarter
Posted on Sunday April 23, 2017

Iran ranked as South Korea's 2nd-biggest oil exporter over the first 3 months of 2017 as it ramped up output to regain market share after sanctions were lifted last year.

South Sudan Says Talks Over Blocks B1 And B2 End, Seeks New Partners
Posted on Sunday April 23, 2017

South Sudan says Blocks B1 and B2 are open for direct negotiation after talks with Total, Tullow Oil and the Kuwait Foreign Petroleum Exploration Company break down.

HSBC Wins Mandate On $100B Saudi Aramco IPO
Posted on Sunday April 23, 2017

HSBC Holdings Plc has been formally mandated as an adviser on the initial public offering of Saudi Arabia's national oil giant Aramco.

Chevron to Sell Bangladesh Companies, Workforce Implications Unknown
Posted on Sunday April 23, 2017

Chevron Corporation's wholly-owned subsidiary, Chevron Global Ventures Ltd., enters into an agreement to sell the shares of its wholly-owned indirect subsidiaries operating in Bangladesh.

Genel Energy Appoints New Chairman
Posted on Sunday April 23, 2017

Genel Energy plc appoints new non-executive director and chairman with immediate effect.

Petronas Awards 'Key' Offshore Contract
Posted on Sunday April 23, 2017

Petronas Carigali Sdn Bhd (PCSB), a subsidiary of Petronas, awards a "key contract" to Perbadanan Urusan Kejuruteraan dan Limbungan Brooke.

Oil Falls Below $50 as Surging US Output Undermines OPEC Cuts
Posted on Thursday April 20, 2017

Oil dropped below $50 a barrel as investors lost faith.

Baker Hughes: US Drillers Add Oil Rigs For 14th Week In A Row
Posted on Thursday April 20, 2017

US drillers added oil rigs for a 14th week in a row, extending an 11-month recovery.

US Will Not Issue Drilling Waivers To Russia Sanctions
Posted on Thursday April 20, 2017

The US will not make an exception for American companies seeking to drill in areas prohibited by US sanctions on Russia.

Wall Street Journal
Commercial News

4/24/17

WSJ.com: Commercial Real Estate

New Jersey Office Market Slump Worsens
New Jersey office leasing for the first quarter hit a multiyear low, as tenants avoid dated corporate campuses and demand proximity to transit and urban amenities.

Israel's Gazit-Globe Sets Sights on New York
Global retail landlord Gazit-Globe is planning to open a private U.S. subsidiary to invest in real estate in New York and other major metropolitan areas, the company said.

Office Market Swings in Tenants' Favor
The seven-year expansion in the U.S. office market slowed in many big cities in the first quarter.

Malls Deploy Technology to Lure---and Keep---Shoppers
Mall landlords faced with declining sales and disappearing stores are deploying smartphones, social media and other technology to lure customers?and then keep them spending.

New Shopping Centers, More Than the Web, Kill Old Malls
Internet retailing is eating into mall revenue, but competition from newer shopping centers was the most common cause of death for malls over the past decade, according to a recent study.

Nashville Mall Turns to Madame Tussauds to Draw Crowds
Simon Property Group is hosting the nation?s first Madame Tussauds in a shopping mall, part of the retail landlord?s push to offer customers new experiences that go well beyond shopping.

The New Manhattan Office Trend: Penthouses
The addition of glass-walled office spaces atop older buildings is an investment a number of owners are making in hopes of boosting income and competing with newer office buildings in Manhattan.

BRE #:00619059
Charles Elfsten, President
Charles A. Elfsten
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