W Main St, Mesa, AZ
Asset Class: RV / Mobile Home Park
City: Mesa
FMV: $10,000,000
Offer (85%)
10,000,000 × 0.85 = $8,500,000
Recorded Price (45%)
10,000,000 × 0.45 = $4,500,000
Lender (24%)
10,000,000 × 0.24 = $2,400,000
Premium (RV/MHP @ 15%)
10,000,000 × 0.15 = $1,500,000
Stack Check
45% + 24% = 69% ✔ below 78% (no adjustment)
Offer − Lender
$8,500,000 − $2,400,000 = $6,100,000 total to seller
Recorded Price Pool = $4,500,000
Lender proceeds: $2,400,000
Premium allocated into title: $2,100,000
Total Cash In: $4,500,000
Seller payoff at close: $4,500,000
Cash In = Cash Out ✔
Total Premium = $1,500,000
Seller payoff rolled (balance): $1,600,000
Cash back (4% FMV): $400,000
Kayan Trust (1% FMV): $100,000
Lender fees (2% of loan): $48,000
Ops reserve (5% FMV): $500,000
Infrastructure / CapEx reserve: $150,000
Vehicles (maintenance + ops): $120,000
Closing costs: $82,000
All escrow-controlled. No personal cash. No personal credit.
Target Rule: ≥ 9% Day-1 NOI
Actual NOI:
10,000,000 × 0.093 = $930,000 / year
Monthly NOI: $77,500
Buyer Salary (10% NOI):
$93,000 / year (paid monthly from operations)
Debt is based on 24% of FMV
NOI covers debt multiple times
Operations funded before close
Seller fully solved without risk
Subject: Clean escrow-controlled path for W Main St
Hi [Broker Name],
I’ve completed underwriting on W Main St.
This is a title-directed, income-first structure designed to deliver full seller certainty while keeping the recorded price light and the operations fully funded.
Key points:
Seller total payoff: $6.1M
Recorded price: $4.5M
No buyer cash
No retrades
All funds escrow-controlled
If aligned, I’ll send the Certainty Kit and timeline.
Best,
Jai Thompson
Pretty Boi Estates™
Broker: This recorded price is lower than the offer.
Jai: Correct. The seller is paid off at 85% of value. The recorded price only governs escrow, taxes, and liability.
Broker: Is the seller carrying paper?
Jai: No seller carry. Any balance is rolled and secured inside escrow terms.
Broker: How fast can you close?
Jai: Twenty-three days once title opens.
Broker: Proof of funds?
Jai: Included in the Certainty Kit.
Broker: What if lender pushes back?
Jai: They underwrite income and collateral, not the paper number.
Broker: Send the kit.
Jai: Sending now.
Subject: Title-Directed Disbursement Structure — Mesa Asset
Hi [Title Officer],
This transaction uses Title-Directed Disbursements.
Instructions:
All cash flows from recorded price pool
Cash In = Cash Out at close
No outside funds
Escrow controls seller payoff and reserves
I’ll send a one-page disbursement summary for file setup.
Thank you,
Jai Thompson
Title: Why is the loan larger than the recorded price?
Jai: It isn’t. The loan fits inside the total capital stack. The recorded price is an administrative number.
Title: Any off-HUD payments?
Jai: None. Everything is escrow-visible.
Title: Seller paid fully?
Jai: Yes. At close plus rolled balance per instructions.
Title: Any buyer cash?
Jai: No.
Title: We can open.
Jai: Please do.
Subject: Income-First Loan — 24% LTV, Day-1 9.3% NOI
Hi [Lender Name],
This is an income-first RV/MHP acquisition.
Snapshot:
FMV: $10M
Loan: $2.4M (24% LTV)
Day-1 NOI: $930K (9.3%)
Ops + CapEx funded at close
Debt coverage is strong from Day-1 with reserves already in place.
Let me know next steps for term sheet.
Best,
Jai
Lender: The recorded price is low.
Jai: Correct. We underwrite to income and collateral, not the paper number.
Lender: What’s our downside protection?
Jai: 24% LTV plus funded reserves.
Lender: Any seasoning needed?
Jai: No. Income is stabilized.
Lender: Who funds operations?
Jai: Escrow at close.
Lender: Borrower cash in?
Jai: None required.
Lender: Exit strategy?
Jai: Refi or sale once value is proven.
Lender: Send docs.
Jai: Sending Certainty Kit now.