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NOTES RECEIVABLE FROM MOBILE HOME PARKS | 9 Months Ended
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Sep. 30, 2022
NOTES RECEIVABLE FROM MOBILE HOME PARKS |
NOTES RECEIVABLE FROM MOBILE HOME PARKS | 3. NOTES RECEIVABLE FROM MOBILE HOME PARKS The notes receivable from mobile home parks (“MHP Notes”) relate to mobile homes sold to mobile home parks and financed through notes receivable. The MHP 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 $118 million of the MHP Notes have a fixed interest rate ranging from 6.9% to 10.2%. The remaining MHP 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 8.0% and 7.6% as of September 30, 2022 and December 31, 2021, respectively, with maturities that range from 1 to 18 years. The collateral underlying the MHP Notes are individual mobile homes which can be repossessed and resold. The MHP Notes are generally guaranteed by the borrowers personally. The Company had concentrations of MHP Notes with an independent third-party and its affiliates that equaled 31.0% and 52.1% of the principal balance outstanding, all of which was secured by the mobile homes, as of September 30, 2022 and December 31, 2021, 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. As of September 30, 2022 and December 31, 2021, the MHP Note balance is presented net of unamortized finance fees of $725 and $445, respectively. The finance fees are amortized over the life of the MHP Notes. There were minimal past due balances on the MHP Notes as of September 30, 2022 and December 31, 2021 and no charge offs were recorded for MHP Notes during the three and nine months ended September 30, 2022 and 2021, respectively. Allowance for loan loss is considered immaterial and accordingly no loss is recorded against the MHP Notes as of September 30, 2022 and December 31, 2021. There were no impaired MHP Notes as of September 30, 2022 and December 31, 2021, respectively, and there were no repossessed homes balances as of September 30, 2022 and December 31, 2021, respectively. Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home, less the costs to sell.

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