Default rate under 21st mortgage CASH program


#1

I’ve only been using the CASH program at one park, and have found that even with the drawbacks (frustrating closing process, steep pricing) it’s been a good fit for the park.

Has anyone been using the CASH program with any kind of volume for more than a year or two, who would be willing to share the long term resident success with the program?

My main fear is selling 20 homes under the CASH program, having a recession hit, and then being on the hook when 10 of the 20 loans default. The loans amortize over 20 years, and I’d estimate the loan will be underwater for roughly ~15 of those 20 years, which seems like risky stuff.