Mobile home park loans in Indiana — regional market guide. Nationwide: Jaken finances MHC in all 50 states. Hub: manufactured home community financing
Indiana sits in the Midwest MHC corridor — manufacturing employment in Fort Wayne, Evansville, and Indianapolis exurbs supports affordable lot-rent demand while mom-and-pop operators retire into seller-financed exits. Most deal flow sits under $3M — below Fannie/Freddie floors — making bridge-first acquisition the standard path. Deep dive: MHP loans under $3M
Indiana MHC market profile
| Segment | Typical deal | Occupancy | Refi exit |
|---|---|---|---|
| Indianapolis exurban (Greenwood, Noblesville) | 35–60 pads | 75%–88% | IN community bank |
| Northern IN (Elkhart, South Bend) | 20–45 pads | 70%–85% | Regional bank |
| POH legacy parks (statewide) | 15–35 pads | Variable | POH-to-TOH first — POH vs TOH |
Indiana does not impose statewide rent control on MHC — lot-rent upside remains a primary value-add lever.
Bridge terms (Indiana MHC)
| Parameter | 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 |
Playbook: bridge-to-agency MHP
Worked example — Central Indiana 42-pad TOH
$840,000 acquisition — 71% occupancy, well/septic, 22% POH
| Phase | Detail |
|---|---|
| Bridge | 68% LTV + $110K pad-fill holdback |
| Months 1–12 | Sell 6 POH to residents; road repair |
| Month 14 | 84% occupancy, lot rent +$45/pad |
| Refi | IN community bank at 1.26x DSCR |
Seller carry on off-market deals: seller financing MHP
Indiana due diligence checklist
- Septic engineering report — pad expansion capacity
- POH count and conversion plan — POH vs TOH
- Flood — Wabash and Ohio River corridors
- Pad count zoning — county health department
- Seller financing — common off-market — seller note guide
- Bridge term — size for 14–18 month fill-up
Why Indiana vs. Illinois for MHC
Indiana parks often trade 10%–15% lower basis than collar Illinois with similar pad counts — but well/septic frequency matches downstate IL. Indianapolis exurban fill-up stories mirror MHP Illinois playbook; agency refi still requires utility and occupancy gates.
Indianapolis exurban vs. northwest corridor
Johnson, Hancock, and Shelby counties east and south of Indianapolis show 40–65 pad communities on septic or lagoon systems — bridge holdbacks must fund engineer-signed expansion capacity before marketing pad adds. Northwest Indiana (Lake, Porter) parks sit closer to Chicago demand but face Illinois-competitive lot rents — verify tenant employers before assuming fill-up speed. Off-market seller notes at 5%–7% are common; structure subordination to bridge in the purchase agreement.
Submit an Indiana MHC scenario
Send trailing rent roll, septic/well reports if applicable, and value-add timeline to submit commercial scenario. Nationwide MHC bridge terms apply outside Indiana.
Related Indiana financing
- Hard money lenders Indiana
- Hard money lenders Indianapolis
- Fix and flip loans Indiana — adjacent product
- DSCR loans Indiana — if pivoting to rental SFR
Manufactured housing context: Manufactured Housing Institute
Submit commercial scenario · MHC hub · (833) 264-7776
Regional example only — Jaken lends on MHC nationwide.