Georgia mobile home park acquisitions cluster on the I-75 / I-85 corridor and Atlanta exurbs — 40–90 pad TOH communities at $1M–$2.8M basis while South Georgia rural parks trade $400K–$1M with well/septic and higher POH legacy. Fulton and DeKalb structural permits add timeline on value-add; Savannah wind insurance does not price Augusta inland files. Hub: manufactured home community financing.
Bridge IO at 8.99%–13.5% and 65%–75% LTV is standard on qualified Georgia sponsors; regional banks and Freddie/Fannie MHC takeout follow 50+ pads, city utilities, and 80%+ occupancy. Rates: MHP loan rates 2026. Outdoor hospitality sibling: RV park loans Georgia · Sub-agency floor: loans under $3M.
Georgia MHC segments and basis bands
| Market | Typical pads | Buy range | Refi path |
|---|---|---|---|
| Atlanta exurban (Henry, Spalding, Newton) | 40–90 | $1M–$2.8M | Regional bank / Freddie |
| Macon / Warner Robins corridor | 35–70 | $850K–$1.8M | Community bank |
| Savannah / Coastal inland | 25–55 | $700K–$1.6M | Community bank |
| South GA rural (Lowndes, Coffee) | 15–35 | $400K–$1M | Bank after utility upgrade |
| North GA (Hall, Forsyth spillover) | 30–60 | $950K–$1.7M | City utilities preferred |
Clayton and Henry counties south of Atlanta offer 1980s–2000s vintage parks with deferred road maintenance — exactly where $120K–$180K CapEx plus POH conversion produces 100–150 bps cap-rate compression at refi. Lowndes County (Valdosta area) trades $420K–$780K on 22–38 pad TOH with well/septic — bridge terms should extend 16–18 months for utility upgrade sequencing.
Fix-and-flip context: Georgia fix and flip guide
Worked example — Henry County 58-pad Atlanta exurban TOH
$1.42M — 71% occupancy, municipal water, 24% POH, Henry County south of Atlanta
| Phase | Detail |
|---|---|
| Bridge acquisition | 69% LTV ($979,800) at 11.5% IO |
| CapEx holdback | $175K — road repair, POH-to-TOH conversion (8 homes), pad fill marketing |
| Months 1–15 | POH reduced to 11%; occupancy 71% → 85% |
| Lot rent lift | +$42/pad ($368 → $410 avg) |
| Stabilized NOI | ~$12,850/mo after opex |
| Refi | Georgia regional bank $1.08M at 7.25%, 1.28x DSCR — month 17 |
Strategy: bridge-to-agency playbook · POH vs TOH
Georgia diligence checklist
- Hurricane / flood — coastal and low-lying inland (Savannah fringe, South GA)
- Well/septic engineer report — required on bridge for rural files
- POH-to-TOH conversion plan before agency refi application
- Pad expansion zoning — county variance and health department caps
- Insurance at current quote — wind/hail in opex, not seller pro forma
- 12-month rent roll — seasonal turnover in exurban parks masks true occupancy
Atlanta MSA submarkets for pad-fill thesis
Clayton, Henry, and Spalding counties south of Atlanta offer 1980s–2000s vintage parks with deferred road maintenance — exactly where $120K–$180K CapEx plus POH conversion produces 100–150 bps cap-rate compression at refi. North Georgia (Hall, Forsyth spillover) trades tighter but with city water/sewer already in place, shortening the agency checklist. Request 12-month rent roll, not a snapshot, before bridge sizing — seasonal turnover in exurban parks can mask true occupancy.
Why Georgia vs. Florida for MHC sponsors
| Factor | Georgia | Florida |
|---|---|---|
| Insurance opex | Lower inland | Coastal wind premium |
| Lot rent growth | Atlanta in-migration | Snowbird 55+ stability |
| Agency refi | Regional banks strong | Sunbelt bank + agency mix |
| Bridge thesis | Fill-up TOH exurban | Fill-up + insurance re-quote |
Many sponsors underwrite both — same bridge terms nationwide via MHC hub.
Exit and refinance path
Georgia MHC refi typically routes through regional banks on sub-$3M files — agency MHC secondary until 50+ pads with municipal utilities.
Regional bank exit (Atlanta exurban): Henry example reached $1.08M permanent at 7.25% replacing $980K bridge — 1.28x DSCR on $12,850/mo NOI. Banks want POH below 15% and trailing 3-month rent roll matching T-12.
Agency path (50+ pads): Fannie/Freddie MHC at 6.75%–7.5% fixed when T-12 supports 1.25x+ — see bridge-to-agency playbook.
South GA rural caution: Septic capacity caps vacant pad count — verify county health sign-off before underwriting 80%+ occupancy target. Fill-up timeline 14–18 months — size bridge with 12-month extension option.
POH legacy parks: Model $175–$275/home/mo habitability opex when 35%+ POH — conversion sequencing per POH vs TOH.
Seller financing: Off-market Georgia mom-and-pop exits often include 5%–7% seller notes — structure subordination to bridge in purchase agreement via seller financing MHP.
Georgia MHC underwriting focus (2026)
- Permits: Fulton/DeKalb structural scope timeline on value-add; separate Savannah wind from Augusta inland insurance
- Occupancy: I-85 corridor trailing 12-month pad count; POH-heavy parks model home sales
- Utilities: Well/septic engineer sign-off on South Georgia rural; municipal stub on exurban expansion
- Exit: Regional bank or Freddie MHC when 50+ pads, city utilities, 80%+ occupancy
Include Fulton/DeKalb permit timeline and utility type — Georgia pad-count file · Georgia commercial programs · (833) 264-7776.
Georgia MHC permit and POH habitability timeline
Fulton and DeKalb County structural permits on POH habitability capex add 30–60 days to year-one bridge carry — budget IO reserve accordingly. South Georgia rural parks with well/septic rarely hit Freddie 50-pad / $3M agency floor day one; document community bank refi at 1.25x DSCR instead.
| Submarket | Typical basis | Utility | Agency path |
|---|---|---|---|
| Atlanta exurban TOH | $1.2M–$2.2M | Municipal preferred | 50+ pads possible |
| South GA rural | $400K–$1M | Well/septic | Bridge-to-bank |
| Savannah fringe | $800K–$1.5M | Mixed | Wind in insurance bind |
Related
- Hard money lenders Georgia
- Hard money lenders Atlanta
- Mobile home park loans Florida — Sunbelt comparison
- Mobile home park loans North Carolina
Include I-85 corridor occupancy, utility type, and POH home-sale velocity — Georgia MHC scenario · Southeast MHC hub · (833) 264-7776
Georgia MHC pad-count diligence
Georgia MHC refi splits Atlanta exurban municipal parks from South Georgia well/septic — I-75 corridor 45–80 pad TOH at $1.2M–$2.2M with 80%+ occupancy clears community bank DSCR before Freddie 50-pad floor. Fulton structural permit delays on POH habitability capex must sit in bridge carry, not permanent pro forma.
Include Fulton/DeKalb permit timeline and utility type — Georgia pad-count file · Georgia commercial programs · (833) 264-7776.
Georgia park / niche segment gates — Atlanta (2026)
- MHP underwriting on Atlanta — pad count, utility infrastructure, and ~0.90% tax on operating entity.
- Fulton/DeKalb permit friction on structural scope — separate Savannah wind from Augusta inland insurance — segment comps do not cross into vanilla SFR Augusta pricing.
- Bridge 8.99%–13.5% IO with documented operating history or value-add scope before agency take-out.
Atlanta MHP bridge 8.99%–13.5% IO · Georgia hard money · (833) 264-7776.