At a glance
- Securitization volume is falling even as leverage rises to 58.2%, with $2.70 billion of manufactured housing loans securitized through September.
- For allocators reviewing conduit or CRE CLO tranches, the tranche-level LTV matters more than the sector median.
- Within agency lending, Fannie Mae loans have a 2026 median LTV of 54.0% and Freddie Mac 58.4%.
The median loan-to-value ratio on securitized manufactured housing loans originated in 2026 is 58.2% so far this year, up from 55.0% in 2022 and below the 65.0% median in 2019, according to Trepp.
Securitization volume is falling even as leverage rises to 58.2%, with $2.70 billion of manufactured housing loans securitized through September. Trepp projects $3.60 billion for the full year, about 14% below the $4.17 billion securitized in 2025. Volume peaked at $8.14 billion in 2020 and fell to $3.51 billion in 2022.
For allocators reviewing conduit or CRE CLO tranches, the tranche-level LTV matters more than the sector median. Conduit loans originated this year carry a median LTV of 64.5%, against 55.1% for agency loans, leaving roughly 9.4 points less equity beneath a typical conduit loan. CRE CLO loans sit at 60.9%.
Within agency lending, Fannie Mae loans have a 2026 median LTV of 54.0% and Freddie Mac 58.4%. Agency LTVs sit 10 basis points above their 2022 level and down from 65.0% in 2019. Conduit LTVs are up from 55.2% in 2022 and slightly above the 64.2% median in 2019, while CRE CLO loans are up from 52.3% in 2022 and above the 57.2% recorded in 2019.
Agency lenders account for $29.96 billion of the $35.38 billion of securitized manufactured housing debt in the analysis, about 85%, with conduit CMBS at $3.94 billion and CRE CLOs at $1.48 billion. That agency share weighs on sector-wide leverage, Trepp says. Agency concentration is not confined to this property type: more than 95% of a 156-loan seniors housing cohort was agency-backed, as Private Wealth Daily previously reported.
Conduit LTVs passed 2019; agency stayed far below
Median LTV by loan source, 2019 vs 2026 (2026 through September)
- 2019
- 2026
- All securitized65% → 58.2%
- Agency (Fannie/Freddie)65% → 55.1%
- Conduit CMBS64.2% → 64.5%
- CRE CLO57.2% → 60.9%
Show as table
| Item | 2019 | 2026 | Change |
|---|---|---|---|
| All securitized | 65% | 58.2% | −6.8% |
| Agency (Fannie/Freddie) | 65% | 55.1% | −9.9% |
| Conduit CMBS | 64.2% | 64.5% | +0.3% |
| CRE CLO | 57.2% | 60.9% | +3.7% |
Reported by the Real estate debt desk from Trepp and Private Wealth Daily archive. Published . Corrections