Question-and-Answer Session
Operator
(Operator Instructions). Our first question comes from the line of Michael Bilerman with Citi. Please proceed.
Unidentified Analyst
Hey, good morning guys. This is Eric (ph) on behalf of Michael. Some of the recent financings that you announced with the agencies look like they're going to be price about 7%. I was just wondering if you could talk a little bit about how the agencies are underwriting manufactured housing loans and their commitment to this pace right now.
Michael Berman
We have seen some of it 7% that kind of depends on where the treasury market is and where their cost of funds is I guess. Really no change since we went out on the equity offering, its typically 75% loans to value, one-two, one-three coverage, limitations on lending the properties that have low occupancies and some percentage of rent falls in there in the last since we went live in the equity offering, I wouldn't say its got much different, its been a struggle to get the funds.
Unidentified Analyst
Got you. And then, switching over to 2010, you talked about looking at potential operating efficiencies moving from 2009, rationalizing your platform. As where do you think there is potential to find these efficiencies in improved margin lower cost?
Thomas Heneghan
Well, from an operating side it's really integrating the Thousand Trails property. We took over operating those properties in August of 2008. And as I said in my comments, kind of our first place is to look for synergies. We're on -- what I would tell the overhead expenses. We did that in the fourth quarter of 2008. And we next turned our attention to the sales operation. I think we've made great progress rationalizing the sales operation.
We've pretty much left property operating expenses at the level of the property alone, but we think there is an opportunity to gain some efficiencies when you start looking at kind of a cost per side or a margin type of analysis on some of the properties, we think there is some efficiencies to be gained. But it's still early in the process.
Unidentified Analyst
And Thomas, Michael Bilerman, how would you sort of evaluate sort of the impact that you had in terms of clean the overhead, moving on the sales in terms of margin or in terms of NOI understandably from the business has got a little bit weaker, but just trying to really isolate that impact of what you've been able to bring to the table?
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