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OTHER NOTES RECEIVABLE

3 Months Ended

Mar. 31, 2021

4. OTHER NOTES RECEIVABLE

Other notes receivable relate to various notes issued to mobile park owners and dealers, which are not directly tied to sale of mobile homes. The other notes have varying maturity dates and call for monthly principal and interest payments. The other notes are collateralized by mortgages on real estate, units being financed and used as offices, as well as vehicles, and are typically personally guaranteed by the borrowers. The interest rate on the other notes are fixed and range from 6.25% to 12.00%. The Company reserves for estimated losses on the other notes based on current economic conditions that may affect the borrower’s ability to pay, the borrower’s financial strength, and historical loss experience.

The balance outstanding on the other notes receivable were as follows:


	As of March 31,		As of December 31,
	2021		2020
Outstanding principal balance	$	20,810	$	15,179
Allowance for loan losses		(74)		(75)
Total	$	20,736	$	15,104