Mobile home park loans in Michigan — regional market guide. Nationwide: Jaken finances MHC in all 50 states. Hub: manufactured home community financing · Refinance: MHP refinance & cash-out
Michigan West Michigan exurban and Thumb region markets offer mom-and-pop MHC at basis points below Sunbelt competition — with seasonal occupancy diligence on some assets. Grand Rapids and Detroit exurban spillover supports $650K–$1.3M acquisition files on 30–55 pad communities. Northern lower peninsula parks may show summer occupancy peaks — lenders require trailing 12-month P&L, not July annualized. Rate and leverage bands: MHP loan rates 2026.
Sub-$3M playbook: MHP loans under $3M · POH legacy: POH vs TOH
Michigan MHC segments
| Segment | Geography | Financing note |
|---|---|---|
| West Michigan exurban | Kent, Ottawa, Allegan fringe | Grand Rapids spillover — municipal utilities |
| Thumb region | Huron, Sanilac, Tuscola | Lower basis $550K–$950K; well/septic |
| Detroit exurban | Livingston, Washtenaw fringe | Higher lot rent; competitive bidding |
| Northern LP seasonal | Crawford, Oscoda fringe | Year-round vs seasonal — verify T-12 |
Worked example — Kent County exurban 48-pad TOH
$790,000 — 71% occupancy, municipal water, West Michigan exurban
| Phase | Detail |
|---|---|
| Bridge acquisition | 69% LTV at 8.99%–13.5% IO |
| Value-add | $52K — pad marketing, road patch, vacant lot prep |
| Fill-up | 71% → 85% over 11 months |
| Lot rent lift | +$38/pad to Grand Rapids-adjacent market |
| Refi | Michigan community bank at 1.27x DSCR — month 14 |
Playbook: bridge-to-agency MHP
Michigan diligence checklist
- Seasonal vs year-round occupancy — northern LP parks need T-12, not peak month
- Well + septic capacity — Thumb region pad expansion limits
- Winter utility costs — plowing, heat line maintenance in pro forma
- POH ratio — model habitability opex separately from lot rent
- Property tax millage — Michigan Proposal A cap effects on sale
- Flood zone — Great Lakes shoreline fringe pads
West Michigan vs Thumb — basis and exit
| Factor | West Michigan exurban | Thumb region |
|---|---|---|
| Typical basis | $700K–$1.2M | $550K–$950K |
| Utilities | Municipal more common | Well/septic |
| Refi path | Grand Rapids-area bank | Community bank |
| Seasonality | Minimal | Some summer peaks |
Grand Rapids and Detroit exurban sponsors prioritize parks with city water stubbed to vacant pads — septic-limited communities cap refi upside regardless of occupancy gains. Build 12–18 month bridge terms around fill-up and lot-rent lift before community bank application.
Exit and refinance path
Michigan seasonal occupancy on northern rural parks requires year-round lot rent analysis — snowbird vs permanent resident mix affects bank refi eligibility. Detroit exurban fill-up corridors offer lower basis with community bank exit once 1.25x DSCR clears. Well and septic common on rural TOH — pad expansion limited by wastewater capacity.
Related Michigan programs
- Fix and flip loans Michigan
- DSCR loans Michigan
- Hard money lenders Michigan
- Mobile home park loans Ohio — adjacent Midwest market
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