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Texas I-35 Exurban MHP Financing
By Jaken Finance Group · Principal, Jaken Finance Group
Texas I-35 exurban mobile home park financing — Temple, Waco, and Austin/DFW spillover MHC bridge terms and refi paths for 2026.
Texas I-35 exurban mobile home park financing covers Bell, Williamson, McLennan, and Coryell workforce corridors — where BatchData (Jul 2026) records 17,965 statewide flips (#4 nationally) with Harris (2,991), Dallas (2,443), and Tarrant (1,908) anchoring metro volume. The I-35 corridor from San Antonio through Temple/Waco to DFW is Texas’s strongest inland worker-housing belt for sub-agency MHC acquisition.
National hub: mobile home park financing · State spoke: mobile home park loans Texas · Rural SFR sibling: Texas rural fix and flip guide
Why I-35 exurban for MHC acquisition
Central Texas I-35 combines:
- Military (Fort Hood), manufacturing, and logistics employment with year-round tenancy
- No state income tax improving bridge carry and refi DSCR vs Oklahoma peers
- Lot rents lag apartments — mark-to-market upside on legacy operators
- Lower flood exposure than Harris County Gulf Coast pads per Texas MHP peril split
Most I-35 exurban parks fall under $3M — see MHP loans under $3M.
I-35 submarket map
| Submarket | Key counties | Basis band (40–70 pads) | Lot rent band | Primary risk |
|---|---|---|---|---|
| Temple/Killeen corridor | Bell, Coryell | $750K–$1.35M | $365–$450/mo | Hail/roof on POH stock |
| Waco/Temple midpoint | McLennan, Falls fringe | $680K–$1.2M | $340–$425/mo | Municipal vs lagoon mix |
| Austin north spillover | Williamson, Bell edge | $900K–$1.65M | $395–$480/mo | Competitive bidding |
| DFW south exurban | Ellis, Johnson fringe | $820K–$1.45M | $380–$465/mo | Hail insurance diligence |
Do not cross-comp Houston Harris County park sales into Bell/McLennan underwriting without adjustment.
Bridge terms on I-35 exurban parks
| Parameter | Typical range |
|---|---|
| Rate | 8.99%–13.5% interest-only |
| LTV | 65%–75% on as-is |
| Term | 12–24 months |
| Close | 14–30 business days |
| Holdback | Pad fill, roads, POH conversion, hail-damaged roof replacement |
Document hail claim history on POH roofs before insurance bind — post-storm roof age affects both bridge carry and refi DSCR. Bridge underwrites business plan — occupancy at 65%–78% is common on acquisition.
Pre-qualify bridge terms — submit MHC scenario with rent roll and utility map.
Rural I-35 MHC and hard money overlap
Bell and McLennan rural fringe pads share rural MHC hard money underwriting — well/lagoon capacity, 15–25 mile comp radius, and community bank refi at 65%–70% LTV on lagoon utilities. Pair with Texas rural fix and flip guide when evaluating mixed SFR and pad-count portfolios.
Legacy I-35 operators often run $340–$420/month lot rents vs $950–$1,200 one-bedroom apartments in Austin/Waco MSAs — 35%–45% apartment-rent ratio leaves $40–$60/pad mark-to-market upside.
Worked example — Bell County 56-pad TOH
Acquisition: $920,000 — 74% occupancy, municipal water, lagoon septic, 13% POH
| Phase | Detail |
|---|---|
| Bridge | 70% LTV ($644,000) at 11.25% IO |
| Capex | $78K — lagoon study, road repair, hail-damaged POH roofs, pad marketing |
| Stabilization | 74% → 86% occupancy; lot rent $378 → $425 avg |
| NOI | ~$10,880/mo stabilized |
| Refi | Texas community bank $715K at 7.375%, 1.29x DSCR — month 13 |
Exit playbook: bridge-to-agency MHP
Temple vs Waco — sponsor decision matrix
| Factor | Bell/Killeen corridor | McLennan/Waco |
|---|---|---|
| Employment anchor | Fort Hood, healthcare | Baylor, manufacturing |
| Typical fill-up | 8–11 months | 10–13 months |
| Cap rate (stabilized) | 7%–8.5% | 7.5%–9% |
| Utilities | Mixed municipal/lagoon | Often municipal |
| Refi path | Temple community bank | Waco regional bank |
Texas I-35 MHP sponsor checklist before LOI
Request 24-month T-12, rent roll with POH/TOH split, lagoon engineer capacity letter, and 3–5 I-35 corridor pad comps within 25 miles. Separate DFW hail from Houston flood underwriting — roof-forward POH capex hits NOI differently. Document military and manufacturing employer mix on rent roll. Size bridge 12–18 months on value-add files with 15%+ POH at acquisition.
Related I-35 corridor resources
- Mobile home park loans Texas
- Texas rural fix and flip guide
- Oklahoma I-44 rural MHP (peer corridor)
- MHP loan rates 2026
- Rural MHC hard money
Upload Temple or Waco T-12 and utility map — (833) 264-7776
Regional example only — Jaken Finance Group lends on MHC nationwide. I-35 sponsors comparing Bell vs McLennan should model hail roof capex and Fort Hood workforce tenancy separately.
Texas I-35 vs Houston flood corridor — peril split
I-35 inland pads avoid Harris County flood elevation that caps bridge at 65% LTV on AE parcels — hail diligence replaces flood on most Bell/McLennan files. Document roof age and hail claim history on POH stock before insurance bind. Williamson spillover parks at $900K–$1.65M compress yield — bridge at 65%–70% LTV preserves refi headroom when competitive bidding lifts acquisition basis.
Fort Hood corridor pads capture year-round military tenancy — model 8–11 month fill-up on value-add files when lot rents sit 35%–45% of local apartment rents. Pair with Oklahoma I-44 rural MHP when evaluating multi-state worker-housing portfolios along interstate corridors.