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Consumer Loans Receivable | 12 Months Ended
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Apr. 03, 2021
Receivables [Abstract] |
Consumer Loans Receivable | Consumer Loans Receivable The following table summarizes consumer loans receivable (in thousands):
| April 3, 2021 |  | March 28, 2020
Loans held for investment (at Acquisition Date) | $ | 31,949 |  |  | $ | 37,779 |
Loans held for investment (originated after Acquisition Date) | 18,690 |  |  | 20,140 |
Loans held for sale | 15,587 |  |  | 14,671 |
Construction advances | 13,801 |  |  | 13,400 |
| 80,027 |  |  | 85,990 |
Deferred financing fees and other, net | (2,041) |  |  | (1,919) |
Allowance for loan losses | (3,188) |  |  | (1,767) |
| 74,798 |  |  | 82,304 |
Less current portion | (37,690) |  |  | (32,376) |
| $ | 37,108 |  |  | $ | 49,928 |
The allowance for loan losses reflects our judgment of the probable loss exposure on loans held for investment. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
| April 3, 2021 |  | March 28, 2020
Allowance for loan losses at beginning of period | $ | 1,767 |  |  | $ | 415 |
Impact of adoption of ASU 2016-13 | 2,276 |  |  | — |
Change in estimated loan losses, net | (655) |  |  | 1,352 |
Charge-offs | (201) |  |  | — |
Recoveries | 1 |  |  | — |
Allowance for loan losses at end of period | $ | 3,188 |  |  | $ | 1,767 |
The consumer loans held for investment had the following characteristics:
| April 3, 2021 |  | March 28, 2020
Weighted average contractual interest rate | 8.26 | % |  | 8.42 | %
Weighted average effective interest rate | 9.34 | % |  | 9.27 | %
Weighted average months to maturity | 162 |  | 164
The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
| April 3, 2021 |  | March 28, 2020
Current | $ | 76,378 |  |  | $ | 83,861 |
31 to 60 days | 508 |  |  | 547 |
61 to 90 days | 21 |  |  | 307 |
91+ days | 3,120 |  |  | 1,275 |
| $ | 80,027 |  |  | $ | 85,990 |
The following table disaggregates gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
| April 3, 2021 |  |
| 2021 |  | 2020 |  | 2019 |  | 2018 |  | 2017 |  | Prior |  | Total |  | March 28, 2020
Prime- FICO score 680 and greater | $ | 18,250 |  |  | $ | 3,575 |  |  | $ | 1,718 |  |  | $ | 971 |  |  | $ | 1,959 |  |  | $ | 23,375 |  |  | $ | 49,848 |  |  | $ | 55,513 |
Near Prime- FICO score 620-679 | 10,227 |  |  | 2,744 |  |  | 1,794 |  |  | 1,364 |  |  | 500 |  |  | 10,401 |  |  | 27,030 |  |  | 27,767 |
Sub-Prime- FICO score less than 620 | 348 |  |  | 53 |  |  | — |  |  | — |  |  | 84 |  |  | 1,579 |  |  | 2,064 |  |  | 2,142 |
No FICO score | 576 |  |  | — |  |  | 28 |  |  | — |  |  | — |  |  | 481 |  |  | 1,085 |  |  | 568 |
| $ | 29,401 |  |  | $ | 6,372 |  |  | $ | 3,540 |  |  | $ | 2,335 |  |  | $ | 2,543 |  |  | $ | 35,836 |  |  | $ | 80,027 |  |  | $ | 85,990 |
Loan contracts secured by geographically concentrated collateral could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. As of April 3, 2021, 35% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 20% was concentrated in Florida. As of March 28, 2020, 36% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 16% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the principal balance of consumer loans receivable as of April 3, 2021 or March 28, 2020. Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home l ess the costs to sell. At repossession, the fair value of the collateral is determined based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is recorded to the allowance for loan losses. On a monthly basis, the fair value of the collateral is adjusted to the lower of the amount recorded at repossession or the estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled approximately $518,000 as of April 3, 2021 and $1.5 million as of March 28, 2020, and are included in Pre paid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $1.1 million and $560,000 as of April 3, 2021 and March 28, 2020, respectively.

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