Posted by John Behle on October 18, 1998 at 13:52:33:
It looks good, but I’d run this one past Terry and/or Lonnie. I’m sure they do a lot more with MH paper than I do. I’ve been pretty stuck on real estate as my collateral. To venture outside that generally requires some specialized training, focus, and risk management skills.
My collateral choice is something I can go kick anytime I want to.
Anyone seen an Emerald Green Jaguire driving around your area? We’re looking for it. Would like to kick it again - and the driver.
I’m in the business of creating Mobile Home paper. Up to this point I have held all of it myself. But now I’m ready to start creating it and taking it to the market. My first portfolio will be around $500,000. Heres how it is shaping up:
1–Mobile homes are not secured by land
2–Average note is about 5-6 years
3–Credit of buyers is C-D
4–Homes are 10-20 years old
5–Couple months seasoning
6–Interest is about 16%
7–Average note is around 10k-15k(principle)
8–I will be willing to do recourse
The next portfolio will be around 3,000,000.
Please advise if this looks like a marketable portfolio. And if you can see any problems with it.