What MHC Lenders Look For & How to Secure the Best Loan with Art Tuverson

Art Tuverson is a highly experienced Managing Director of Mortgage Banking for Berkadia Manufactured Housing based in San Clemente, CA. With over 25 years of expertise, he specializes in providing debt and equity capital for various property types across the nation. Art’s focus lies in the manufactured housing community and RV resort industry, where he excels in arranging agency, conduit (CMBS), life company, bank, and bridge first mortgages. Additionally, he is well-versed in structuring participating debt, preferred equity, and joint venture equity arrangements.Listeners can connect with Art Tuverson on LinkedIn @ArthurWTuverson, and at BerkadiaNotes: (0:00) Welcome to the CashFlow Quest Podcast! (0:45) Blake welcomes guest, Art Tuverson to the show (1:00) How to understand the MHC loan market(3:00) The major players in the space(9:00) How MHC loans compare to multifamily(11:00) Behind Fannie Mae & Freddie Mac - largest lenders in the space(15:00) Art breaks down key factors that lenders look for(17:30) Why lenders prefer tenant-owned homes vs. park owned homes(24:30) Borrower qualifications for MHC loans(26:30) Why MHC cap rates are so low(32:00) How zoning restrictions, city policies, and land values make MHCs a rare and valuable asset clas(37:00) Loan structuring – DSCR, LTV & amortization explained(45:00) Why loan proceeds vary(54:00) Negative leverage & current market trends(56:00) Predictions for 2025--- Blake Comfort, Co-founder of ComfortCommunities and Comfort Capital in 2008, embarked on a journey to acquire manufactured home communities, laying the foundation for the investment and management company we have today. In 2009, Comfort Communities acquired its first manufactured home community, and since then, the company has continued to expand, purchasing and managing numerous manufactured housing communities. Blake oversees all capital market functions, acquisitions, and deal sourcing forComfortCommunities and Comfort Capital. When he’s not working, Blake cherishes spending quality time with his wife and two young children and occasionally takes to the skies, flying around San Diego.Jennifer Purcell, Co-founder of Comfort Communities and Comfort Capital, was raised in a real estate-loving household with her father being a general contractor and developer of over 4,000 units in San Diego County. Her mission is to change the perception of “Trailer Parks” and create exceptional living environments with top-notch service for residents. A San Diego State University graduate, Jennifer previously worked with R&V Management for their multi-family apartment portfolio at a leading global corporate housing company. Since 2009, she’s been instrumental in building Comfort Communities management team and fostering relationships with trusted investors and advisors, contributing to Comfort Capital’s success today. When she is not operating mobile home communities, she loves spending time outdoors, throwing the ball for her dog, and spending quality time with her husband and her two young children.Benjamin Schuster leads Capital Formation and Investor Relations for Comfort Capital.Listeners can connect with Benjamin Schuster on LinkedIn @BenjaminSchuster