Pad Count: mobile home park loan sizer

{
  "type": "object",
  "required": [
    "pads",
    "occupied_pads",
    "noi",
    "value"
  ],
  "properties": {
    "noi": {
      "type": "number",
      "minimum": 0,
      "description": "Net operating income in dollars per year, after management and reserves, e.g. 268000. value_park_on_lot_rent can build it."
    },
    "pads": {
      "type": "integer",
      "maximum": 100000,
      "minimum": 0,
      "description": "Total pads (sites) in the park, e.g. 80."
    },
    "value": {
      "type": "number",
      "minimum": 0,
      "description": "Purchase price, or value if refinancing, in dollars, e.g. 3460000."
    },
    "purpose": {
      "enum": [
        "purchase",
        "refinance"
      ],
      "type": "string",
      "default": "purchase",
      "description": "Purchase or refinance. Default purchase."
    },
    "borrower": {
      "enum": [
        "private",
        "resident_owned",
        "nonprofit",
        "government",
        "cdfi",
        "tribe"
      ],
      "type": "string",
      "default": "private",
      "description": "Borrower type: private, resident_owned (ROC or co-op), nonprofit, government (state or local), cdfi or tribe. Default private."
    },
    "spread_pct": {
      "type": "number",
      "default": 2,
      "maximum": 15,
      "minimum": 0,
      "description": "Spread over Treasury in percent. Default 2.00, which is an example, not a quote."
    },
    "term_years": {
      "enum": [
        5,
        7,
        10
      ],
      "type": "integer",
      "default": 10,
      "description": "Loan term in years: 5, 7 or 10. Picks the Treasury yield and Freddie Mac's LTV tier. Default 10."
    },
    "loan_wanted": {
      "type": "number",
      "minimum": 0,
      "description": "Optional loan amount wanted, in dollars; each program says whether it covers it."
    },
    "homes_on_site": {
      "type": "integer",
      "maximum": 100000,
      "minimum": 0,
      "description": "Every home in the park, empty or not. Defaults to occupied_pads."
    },
    "occupied_pads": {
      "type": "integer",
      "maximum": 100000,
      "minimum": 0,
      "description": "Occupied pads, e.g. 68. Capped at total pads."
    },
    "quality_level": {
      "enum": [
        0,
        1,
        2,
        3,
        4,
        5
      ],
      "type": "integer",
      "default": 0,
      "description": "Fannie Mae quality level from the lender's inspection, 1 to 5; 0 = not known (default)."
    },
    "current_balance": {
      "type": "number",
      "minimum": 0,
      "description": "Refinance only: current loan balance in dollars (HUD 223(f) here allows no cash out). Default 0."
    },
    "own_lender_dscr": {
      "type": "number",
      "default": 1.3,
      "maximum": 5,
      "minimum": 1,
      "description": "Your lender's minimum debt service coverage, e.g. 1.30. Default 1.30 (an example)."
    },
    "park_owned_homes": {
      "type": "integer",
      "maximum": 100000,
      "minimum": 0,
      "description": "Homes owned by the borrower, an affiliate or an outside investor. Default 0."
    },
    "owns_another_park": {
      "type": "boolean",
      "description": "Whether the key principal owns at least one other park (Freddie Mac requires it). Omit if not known."
    },
    "own_lender_ltv_pct": {
      "type": "number",
      "default": 70,
      "maximum": 100,
      "minimum": 0,
      "description": "Your bank or CMBS lender's max LTV in percent. Default 70 (an example; banks publish no single term)."
    },
    "years_park_experience": {
      "type": "integer",
      "maximum": 100,
      "minimum": 0,
      "description": "Years the key principal has owned or run parks (Freddie Mac needs 2+). Omit if not known."
    },
    "own_lender_amortization_years": {
      "type": "integer",
      "default": 25,
      "maximum": 40,
      "minimum": 5,
      "description": "Your lender's amortization in years. Default 25 (an example)."
    }
  },
  "additionalProperties": false
}

{
  "type": "object",
  "required": [
    "pads",
    "occupied_pads",
    "lot_rent_monthly",
    "cap_rate_low_pct",
    "cap_rate_high_pct"
  ],
  "properties": {
    "pads": {
      "type": "integer",
      "maximum": 2000,
      "minimum": 1,
      "description": "Total pads, 1 to 2000, e.g. 80."
    },
    "payroll": {
      "type": "number",
      "minimum": 0,
      "description": "Payroll and on-site manager per year. Default 0."
    },
    "insurance": {
      "type": "number",
      "minimum": 0,
      "description": "Insurance per year in dollars. Default 0."
    },
    "water_sewer": {
      "enum": [
        "billed_back",
        "park_pays",
        "resident_direct"
      ],
      "type": "string",
      "default": "billed_back",
      "description": "billed_back (submetered, billed to residents), park_pays (included in lot rent) or resident_direct. Default billed_back."
    },
    "bad_debt_pct": {
      "type": "number",
      "maximum": 100,
      "minimum": 0,
      "description": "Bad debt and concessions, percent of gross income. Default 0."
    },
    "occupied_pads": {
      "type": "integer",
      "maximum": 2000,
      "minimum": 0,
      "description": "Pads with a home paying rent, including rented park-owned homes, e.g. 68."
    },
    "management_pct": {
      "type": "number",
      "maximum": 50,
      "minimum": 0,
      "description": "Management as a percent of collected income. Default 0; a buyer counts it even when the owner self-manages."
    },
    "property_taxes": {
      "type": "number",
      "minimum": 0,
      "description": "Property taxes per year in dollars. Default 0."
    },
    "cap_rate_low_pct": {
      "type": "number",
      "maximum": 30,
      "minimum": 1,
      "description": "Low end of the cap rate range in percent, e.g. 7. No public source publishes park cap rates; use what brokers who sell parks in the area quote."
    },
    "lot_rent_monthly": {
      "type": "number",
      "minimum": 0,
      "description": "Lot rent per pad per month in dollars, e.g. 450."
    },
    "park_owned_homes": {
      "type": "integer",
      "maximum": 2000,
      "minimum": 0,
      "description": "Every home the park, the owner or an affiliate owns, rented or not. Default 0."
    },
    "reserves_per_pad": {
      "type": "number",
      "default": 50,
      "minimum": 0,
      "description": "Reserves per pad per year. Default 50, Freddie Mac's minimum."
    },
    "admin_legal_other": {
      "type": "number",
      "minimum": 0,
      "description": "Admin, legal and other expenses per year. Default 0."
    },
    "cap_rate_high_pct": {
      "type": "number",
      "maximum": 30,
      "minimum": 1,
      "description": "High end of the cap rate range in percent, e.g. 8.5."
    },
    "home_rent_monthly": {
      "type": "number",
      "minimum": 0,
      "description": "Home rent a renter pays on top of lot rent, dollars per month. Default 0."
    },
    "utilities_park_pays": {
      "type": "number",
      "minimum": 0,
      "description": "Water, sewer, trash and common-area electric the park pays, per year. Default 0."
    },
    "other_income_monthly": {
      "type": "number",
      "minimum": 0,
      "description": "Late fees, laundry, storage, per month in dollars. Default 0."
    },
    "park_owned_home_costs": {
      "type": "number",
      "minimum": 0,
      "description": "Repairs, turnover and any tax on the park-owned homes, per year. Default 0."
    },
    "repairs_roads_grounds": {
      "type": "number",
      "minimum": 0,
      "description": "Repairs, roads and grounds per year. Default 0."
    },
    "park_owned_homes_rented": {
      "type": "integer",
      "maximum": 2000,
      "minimum": 0,
      "description": "Of those, how many are rented now. Default 0."
    },
    "utility_bill_backs_monthly": {
      "type": "number",
      "minimum": 0,
      "description": "Utility bill-backs collected per month in dollars (counted only when water_sewer is billed_back). Default 0."
    },
    "reserves_per_park_owned_home": {
      "type": "number",
      "default": 250,
      "minimum": 0,
      "description": "Reserves per park-owned home per year. Default 250, the figure Freddie Mac's Guide uses."
    }
  },
  "additionalProperties": false
}