Have any of you guys got your Loan Originators license, so you can seller finance your mobile homes that you put in your parks? Pros and cons?
I did. Search this forum for a prior post on this very subject.
Thanks Brandon. Yes I searched but the post were from several years ago. Not sure if any new info came up since then.
Brandon, if I am Loan originator, and seller finance a mobile home in a park. Can I collect the note?
Can the loan originator and seller collecting note be the same person?
Here’s a couple of posts from a few months ago.
To answer your question, yes you can originate a note on a home you sell and collect as well. This is what is known as “captive finance”, I believe.