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NOTES RECEIVABLE FROM MOBILE HOME PARKS (MHP Notes) | 3 Months Ended
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Mar. 31, 2021
NOTES RECEIVABLE FROM MOBILE HOME PARKS ("MHP Notes") |
NOTES RECEIVABLE FROM MOBILE HOME PARKS ("MHP Notes") | 3. NOTES RECEIVABLE FROM MOBILE HOME PARKS (“MHP Notes”) The notes receivable from mobile home parks (“MHP Notes” or “Notes”) relate to mobile homes sold to mobile home parks and financed through notes receivable. The Notes have varying maturity dates and call for monthly principal and interest payments. The interest rate on the MHP Notes can be fixed or variable. Approximately $114 million of the Notes have a fixed interest rate ranging from 5.0% to 9.5%. The remaining Notes have a variable rate typically set at 4.0% above prime with a minimum of 8.0%. The average interest rate per loan was approximately 7.6% and 7.7% as of March 31, 2021 and December 31, 2020, respectively, with maturities that range from 1 to 20 years. The collateral underlying the Notes are individual mobile homes which can be repossessed and resold. The MHP Notes are generally personally guaranteed by the borrowers. The Company had concentrations of MHP Notes with an independent third-party and its affiliates that equaled 52.1% and 52.9% of the principal balance outstanding, all of which was secured by the mobile homes, as of March 31, 2021 and December 31, 2020, respectively. MHP Notes are stated at amounts due from customers, net of allowance for loan losses. The Company determines the allowance by considering several factors including the aging of the past due balance, the customer’s payment history, and the Company’s previous loss history. The Company establishes an allowance reserve composed of specific and general reserve amounts. There were minimal past due balances on the MHP Notes as of March 31, 2021 and December 31, 2020 and no charge offs were recorded for MHP Notes during the three months ended March 31, 2021 and 2020, respectively. Allowance for loan loss is considered immaterial and accordingly no loss is recorded against the MHP Notes as of March 31, 2021 and December 31, 2020.

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- Definition The entire disclosure of notes receivable from mobile home parks. + References No definition available. + Details
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