Texas MHC peril split: DFW hail vs Houston flood
Harris County flood elevation and wind deductibles can spike PITIA 15%–25% — keep bridge coverage at 1.30x+ with a reserve. DFW exurban 55–90 pad TOH with municipal water at 80%+ occupancy clears regional bank before Freddie 50-pad floor.
Permian travel-stop parks: use trailing rent, not rig-count pro forma — energy-cycle volatility kills refi on boom-year broker sheets.
Texas MHC bridge files must separate Houston flood from DFW hail corridors — roof-forward POH capex and wind deductibles hit NOI differently in Harris County versus Collin/Denton exurban TOH at $1M–$2.5M on 50–100 pads. Energy-sector job cycles in Permian fringe parks need trailing rent, not boom pro forma. Hub: manufactured home community financing · Refinance: MHP cash-out.
Bridge 8.99%–13.5% IO at 65%–75% LTV on qualified sponsors; agency MHC when 50+ pads and city utilities stabilize. Rates: MHP loan rates 2026.
Sub-$3M: MHP loans under $3M · POH: POH vs TOH.
Texas MHC segments and basis bands
| Segment | Geography | Basis band | Financing note |
|---|---|---|---|
| I-35 corridor | San Antonio, Austin, Waco, DFW exurban | $900K–$2.5M | Strong fill-up; municipal utilities |
| East Texas rural | Tyler, Longview, Lufkin | $600K–$1.2M | Well/septic common |
| Permian-adjacent | Midland/Odessa fringe | $750K–$1.8M | Verify occupancy durability post-oil cycle |
| Gulf Coast | Corpus, Houston fringe | $1M–$2.8M | Flood + wind diligence |
Williamson and Bell counties see $950K–$1.4M on 45–60 pad TOH parks with city water — property tax protest culture means trailing tax bill may understate post-close liability. East Texas Smith and Gregg counties offer $650K–$900K mom-and-pop parks at 65%–72% occupancy. Harris County fringe requires FEMA zone review — AE parcels may cap bridge at 65% LTV.
Worked example — Bell County 52-pad TOH
$980,000 — 74% occupancy, municipal water, Central Texas exurban
| Phase | Detail |
|---|---|
| Bridge acquisition | 70% LTV ($686,000) at 11.25% IO |
| Value-add | $72K — pad marketing, road patch, signage, vacant lot prep |
| Fill-up | 45 of 52 pads occupied (86.5%) over 11 months |
| Lot rent lift | +$40/pad ($380 → $420 avg) |
| Stabilized NOI | ~$9,850/mo after opex |
| Refi | Illustration: $735,000 at 7.125% interest-only is $4,364/mo, coverage 2.26x, month 14 |
Playbook: bridge-to-agency MHP
Texas diligence checklist
- FEMA flood zone — especially Harris, Galveston, Jefferson counties
- Well + septic capacity — pad expansion limits on rural parks; TDHCA permit history
- Property tax trajectory — Texas appraisal protest history on commercial land
- POH ratio — model habitability opex separately from lot rent
- Title — mineral rights — rare but material on rural acreage
- Municipal vs private water — affects agency refi eligibility on 50+ pad parks
Texas regulatory context: Texas Department of Housing and Community Affairs — manufactured housing
I-35 vs East Texas — basis and exit
| Factor | I-35 exurban | East Texas rural |
|---|---|---|
| Typical basis | $900K–$2.2M | $600K–$1.2M |
| Utilities | Municipal more common | Well/septic |
| Refi path | Regional bank | Community bank + seller carry |
| Insurance | Moderate | Lower than Gulf Coast |
When bridge beats agency in Texas
| Situation | Why bridge first |
|---|---|
| Sub-50 pads | Agency MHC minimum not met |
| 60%–75% occupancy | Banks want 80%+ for permanent |
| Well/septic rural | Agency prefers municipal utilities |
| Need a close in 7–10 business days | Bank and agency files usually take longer |
| Pad fill in progress | Refi DSCR fails until T-12 stabilizes |
Exit and refinance path
Texas MHC exit planning starts with utility type and submarket — I-35 corridor parks with municipal water follow a different refi clock than East Texas well/septic TOH.
Community bank refi (Bell/Williamson): After 80%+ occupancy for 90 trailing days and lot-rent lift documented on rent roll, regional banks typically refi at 65%–75% LTV with 1.20x–1.30x DSCR. On the Bell County illustration, the $735,000 loan is $49,000 larger than the $686,000 bridge before closing costs. That gap is not cash in hand. Occupancy in the illustration is 45 of 52 pads.
Agency path (50+ pads, municipal utilities): Fannie/Freddie MHC becomes viable when T-12 NOI supports 1.25x+ at agency rate — often 6.5%–8% fixed vs bridge 8.99%–13.5% IO. Sequence: bridge-to-agency MHP playbook.
Permian fringe caution: Worker-housing pads tied to oilfield demand need occupancy stress test at 60% fill — bridge terms should include 12–18 month extension option before LOI. Mineral rights on rural acreage: title review mandatory; severed minerals rarely block MHC but affect expansion rights.
Gulf Coast: Harris and Galveston fringe parks require wind/flood quotes in pro forma — insurance can compress NOI 8%–12%, pushing refi LTV down 5 points. Inland I-35 sponsors avoid this drag entirely.
DSCR hold alternative: Operators keeping TOH homes as rentals post-stabilization may cross to DSCR loans Texas at 5.75%–10.5% on converted POH — separate from lot-rent park refi.
Related Texas programs
- RV park loans Texas — outdoor hospitality sibling
- Fix and flip loans Texas
- DSCR loans Texas
- Hard money lenders Texas
Attach DFW vs Houston peril split, hail/flood insurance, and municipal utility map — Texas MHC scenario · Texas MHC hub · (833) 264-7776
Texas MHC underwriting focus (2026)
- Peril split: Houston flood vs DFW hail — separate insurance bind and roof capex line
- Occupancy: Trailing 12-month; Permian fringe uses trailing rent not boom pro forma
- Utilities: Municipal water stub on expansion pads for faster refi
- Exit: Agency MHC on 50+ pad DFW/Houston exurban when utilities municipal
Send DFW/Houston peril split and municipal stub map — Texas pad-count file · Texas commercial programs · (833) 264-7776.
Texas MHC pad-count diligence
Texas MHC refi splits DFW hail roof reserves from Houston flood elevation — Harris County parks need 1.30x DSCR cushion on bridge when wind/flood PITIA spikes. DFW exurban 55–90 pad TOH with municipal water at 80%+ occupancy clears regional bank; Permian travel-stop parks use trailing rent, not rig-count pro forma.
Send DFW/Houston peril split and municipal stub map — Texas pad-count file · Texas commercial programs · (833) 264-7776.
Texas house prices, jobs, and permits
Texas house prices did not sprint in the year through the second quarter of 2026. The all-transactions index was 531.31, up from 523.10 a year earlier, about 1.6%. The series is not seasonally adjusted. The first quarter of 1980 equals 100. See FRED TXSTHPI.
Lot rent can still move when houses do not. Use the index to test a broker who treats one busy I-35 weekend as a statewide boom. Then underwrite the rent roll in the file.
Unemployment was 4.6% in August 2026 and 4.6% in August 2025. That rate is not seasonally adjusted. See FRED TXURN. A flat state rate does not steady a Permian park. One crew leaving Midland can empty pads while the statewide figure stays put.
Builders authorized 14,789 new private housing units in August 2026. August 2025 was 14,273. The count is not seasonally adjusted. See FRED TXBPPRIV. New houses along I-35 compete with manufactured homes for the same paycheck. If permits stay elevated, do not assume every vacant pad fills in one quarter.
Bridge terms on a Texas community
Texas bridge loans from Jaken Finance Group are priced from 8.99% to 13.5%. The term is 12 to 24 months. A qualified purchase can reach 90% of the price. A complete file can close in 7 to 10 business days.
The Bell County illustration is 70% of price, not 90%. Flood zones, private wells, and a partial rent roll are why many communities are sized lower. The 90% figure is the program cap. It is not the default leverage on every park.
A residential DSCR loan is a different product. Those rates run 5.75% to 10.5%, and that loan closes in about 14 business days. It can fit a park-owned home you later rent on its own. It does not replace the loan on the community. See DSCR loans Texas only for that house.
Bank prime was 7.00% on October 2, 2026, and 7.25% on October 2, 2025. See FRED DPRIME. A bridge coupon from 8.99% to 13.5% sits above that prime rate. Put the monthly interest in the hold budget before you raise lot rent on a spreadsheet.
Bell County illustration, payment check
This is an illustration, not a closed loan. The purchase stays $980,000. The bridge is $686,000, which is 70% of price, at 11.25% interest-only. Monthly interest is $6,431.
Forty-five of 52 pads at $420 is $18,900 of gross lot rent. Stated NOI is $9,850 a month, so operating costs in the illustration are $9,050. That is a heavy load. It is honest only if taxes, insurance, and payroll really reach it. Do not hide a lighter expense guess inside the $9,850.
The takeout is $735,000 at 7.125%. Interest-only, the payment is $4,364. Coverage is $9,850 divided by $4,364, or 2.26x. A 25-year payment on the same balance and rate is $5,254. Coverage is then 1.87x. The 1.24x figure this example used to show does not match either payment.
The new loan is $49,000 larger than the bridge before closing costs. It is not $49,000 in the sponsor’s pocket. The $72,000 of road and sign work sits outside the $686,000 loan. Cash spent there has to come back before the refinance is a profit.
Month 14 sits inside a 12- to 24-month bridge. It is not a promise that a bank will be ready. If occupancy is still climbing in month 10, use the extra months instead of forcing a thin file.
Fourteen-month calendar for the Bell County file
Months 1 and 2 are for closing, insurance, and a photo of every vacant pad. Interest of about $6,431 starts immediately. Budget it before the first new tenant.
Months 3 through 8 cover the $72,000 of patch work, signs, and lot prep. Fill a pad only after the meter is live. A stub that fails a city inspection is not occupied on a bank roll.
Months 9 through 12 are the push toward 45 occupied pads and a written $420 average. A verbal discount will not survive the refinance package.
Months 13 and 14 are for the bank folder: trailing occupancy, the tax bill, and the insurance invoice. If an appraisal-district protest is open, include the old bill and the protest status. Last year’s tax bill can be a poor guide to next year’s expense.
If the asset is on the Gulf Coast instead of in Bell County, swap the tax note for a current wind and flood quote. Inland I-35 files do not borrow the coastal insurance number. Coastal files do not borrow the inland one.
Call Jaken Finance Group at (833) 264-7776 with the rent roll and the utility map. A complete bridge file is built for a 7- to 10-business-day close.
Texas park / niche segment gates — DFW (Dallas–Fort Worth) (2026)
- MHP underwriting on DFW (Dallas–Fort Worth) — pad count, utility infrastructure, and ~1.68% tax on operating entity.
- Hail and wind on roof-forward scopes — separate Houston flood from DFW hail corridors — segment comps do not cross into vanilla SFR Houston pricing.
- Bridge 8.99%–13.5% IO with documented operating history or value-add scope before agency take-out.
DFW (Dallas–Fort Worth) MHP bridge 8.99%–13.5% IO · Texas hard money · (833) 264-7776.