Mobile home park CMBS loans
By Brad Beattie, Director, Capital Markets, Janover Capital LLC · Published
The median rate on mobile home park CMBS loans originated in the 12 months to October 19, 2026 was 6.41%, across 82 loans (SEC Form ABS-EE filings, as of October 28, 2026), in line with the all-property median. Whole loans were written at a median 63.7% loan-to-value and 1.39x debt service coverage.
- Median rate, 12 months
- 6.41%
- 82 loans; all types 6.40%
- Median loan-to-value
- 63.7%
- all types 63.9%
- Median DSCR
- 1.39x
- all types 1.47x
- Median debt yield
- 9.4%
- all types 10.1%
Mobile home parks (manufactured housing communities) are lot-rent businesses: residents own their homes and rent the land beneath them. Moving a home is costly, so residents tend to stay, and lenders treat stabilized parks as durable income with very few loans in trouble.
Mobile home park CMBS rates
| Window | Loans | Median rate | Middle half | All property types |
|---|---|---|---|---|
| Last 90 days | 19 | 6.35% | 6.16% to 6.68% | 6.63% |
| Last 180 days | 32 | 6.38% | 6.16% to 6.72% | 6.56% |
| Last 12 months | 82 | 6.41% | 6.16% to 6.63% | 6.40% |
| 5-year loans, 12 months | 70 | 6.36% | 6.09% to 6.61% | 6.46% |
| 10-year loans, 12 months | 12 | 6.63% | 6.46% to 6.63% | 6.19% |
Original note rate, windows ending October 19, 2026. A median is shown when at least 10 loans are in the window. Full rate tables for every type: CMBS loan rates.
How mobile home park CMBS loans are underwritten
Whole mobile home park loans in the 12 months to October 19, 2026 (70 loans with full underwriting data) were written at a median 63.7% loan-to-value, lower than the all-property median of 63.9%. Median coverage was 1.39x and median debt yield 9.4%, against 1.47x and 10.1% across property types. Lenders accept thinner coverage on mobile home park than on most property types.
| Measure (at securitization) | 25th percentile | Median | 75th percentile | All types, median |
|---|---|---|---|---|
| Loan-to-value | 57.5% | 63.7% | 66.6% | 63.9% |
| Debt service coverage (NCF) | 1.32x | 1.39x | 1.57x | 1.47x |
| Debt yield (NOI) | 8.6% | 9.4% | 10.3% | 10.1% |
| Occupancy | 85.6% | 92.0% | 96.0% | 94.4% |
| Loan size | $4.4M | $6.2M | $12.7M | $15.0M |
Leverage, coverage and debt yield on whole loans only; loan size on every loan. "All types" leaves out co-op housing. See DSCR, debt yield and the loan calculator.
- Under $5M 29 (35%)
- $5M to $10M 20 (24%)
- $10M to $25M 24 (29%)
- $25M to $50M 2 (2%)
- $50M and up 7 (9%)
Term and interest-only
- 85% five-year terms, 15% ten-year
- 96% interest-only for the full term (all types: 87%)
- 2% interest-only for part of the term, then amortizing
See interest-only CMBS loans and CMBS loan terms.
Who is making mobile home park CMBS loans
Morgan Stanley originated the most mobile home park CMBS loans in the 12 months to October 19, 2026, with 24 loans totaling $358 million. Counts are by the originator named in each trust's filing; a loan with two originators counts for both.
- Morgan Stanley 24 ($358M)
- Barclays 16 ($211M)
- Deutsche Bank 16 ($123M)
- Bank of America 10 ($141M)
- Starwood Mortgage Capital 6 ($46.5M)
- KeyBank 6 ($33.9M)
- JPMorgan Chase 2 ($99.0M)
- MF1 Capital 1 ($60.0M)
Recent mobile home park loans in CMBS trusts
| Property | Location | Amount | Rate | Term | Originated | Lender |
|---|---|---|---|---|---|---|
| Evoke MHC 3 Pack | Not reported | $4.0M | 6.89% | 5 yr | October 2, 2026 | Deutsche Bank |
| Lake James | Nebo, NC | $16.0M | 7.15% | 5 yr | September 18, 2026 | Barclays |
| 3 MHC Portfolio AL & TN | Not reported | $14.4M | 6.07% | 5 yr | September 14, 2026 | Barclays |
| Lake Hickory | Conover, NC | $10.8M | 6.65% | 5 yr | September 10, 2026 | Barclays |
| Shasta Glen MHP | Klamath Falls, OR | $4.4M | 6.51% | 5 yr | September 8, 2026 | Deutsche Bank |
| Evoke MHC Ohio | Clyde, OH | $2.3M | 7.00% | 5 yr | August 31, 2026 | Deutsche Bank |
| Pathfinder MHC | Pasco, WA | $5.0M | 6.39% | 5 yr | August 25, 2026 | Barclays |
| Country View Farms MHC | Muncie, IN | $5.8M | 6.16% | 5 yr | August 7, 2026 | Barclays |
The latest loans in the filings, from public SEC records. Property links go to the loan's page on cmbs.news, which lists every mobile home park loan in CMBS. Lender rankings for all types: CMBS lenders.
Mobile home park CMBS maturities and distress
401 mobile home park loans with $4.0 billion outstanding are still in CMBS trusts. 55 loans ($350 million) mature in 2027 and 2028. Of the 2027 maturities that could be tested, 0% had net operating income at securitization under 9% of today's balance, a rough sign they may need new equity or a different lender to refinance. 0.8% of live mobile home park loans are 60 or more days delinquent and 0.8% are with a special servicer, against 3.0% and 4.3% across all property types.
| Year | Balance | Loans |
|---|---|---|
| 2026 | $17.3M | 6 |
| 2027 | $88.6M | 21 |
| 2028 | $261M | 34 |
| 2029 | $1.1B | 93 |
| 2030 | $952M | 81 |
| 2031 | $1.1B | 103 |
| 2032 | $201M | 18 |
Live loans by effective maturity year; 2026 includes loans already past maturity and still outstanding. How the shortfall test works, and the wall for every type: CMBS maturity wall. Loan-level lists by year: cmbs.news maturity wall.
What lenders look at on a mobile home park loan
Lot rents versus park-owned homes
Income from renting lots is valued more highly than income from homes the park owns and rents out. Lenders often discount or cap park-owned home income.
Utilities and infrastructure
Private water, sewer or septic systems, and who pays for utilities, affect both expenses and risk. Underwriters review the systems and any submetering.
All-age or age-restricted
Lenders note whether a community is all-age or 55-plus, and check occupancy, resident turnover and rent collection.
Portfolios of small parks
Many parks are small, so loans are often pools of several communities, each reviewed separately.
Is a CMBS loan the right fit?
CMBS reaches smaller parks than many lenders will. Parks with many park-owned homes or failing infrastructure usually need work before a conduit loan.
Related: CMBS loan minimums · CMBS loan requirements · Conduit loans · all property types compared
Source: SEC Form ABS-EE asset-level filings (Schedule AL) for CMBS trusts, compiled by cmbs.news; data as of October 28, 2026. Pari passu pieces of one loan are counted once. How each figure is built: methodology. Download the tables: CMBS data (CSV).
Questions people ask
What is the current rate on mobile home park CMBS loans?
The median original rate on mobile home park CMBS loans originated in the 12 months to October 19, 2026 was 6.41% across 82 loans; the middle half ran from 6.16% to 6.63%. Loans from the last 90 days had a median of 6.35% (19 loans). Source: SEC Form ABS-EE filings as of October 28, 2026.
How much leverage can I get on a mobile home park CMBS loan?
Whole mobile home park loans securitized in the 12 months to October 19, 2026 had a median loan-to-value of 63.7%, with the middle half between 57.5% and 66.6%. Leverage is usually capped by coverage and debt yield before value: the median debt yield was 9.4% and median DSCR 1.39x.
Who makes mobile home park CMBS loans?
In the 12 months to October 19, 2026, the most active originators of mobile home park CMBS loans were Morgan Stanley (24), Barclays (16), Deutsche Bank (16), counting loans by originator in the trusts' filings.
How many mobile home park CMBS loans mature in 2027 and 2028?
55 loans with $350 million outstanding, of the 401 mobile home park loans still in CMBS trusts as of October 28, 2026.
Financing a mobile home park property?
Send the deal. Janover Capital LLC will ask CMBS, bank and life company lenders to price it.