Question on how to seller finance a park owned home

Good morning
Our property management entity, which is a MT LLC currently owns a mobile home in a park that another one of our MT LLC entities owns in Great Falls, MT. We have a buyer and would like to sell the home. The buyer cannot get financing and we are trying to assist them in buying the home. We want to remain compliant with Dodd Frank and the Safe Act. Can you advise the best way to proceed so that we are fully compliant with all rules?
Seems like we will qualify for the second exception.
https://barneswalker.com/seller-financing-restrictions-under-the-dodd-frank-act/

We are wondering if:
a.) Seller financing is possible. This will be the first mobile home we will seller finance.
b.) If a rent credit program is legal in Montana.
c.) Our attorney recommended selling under a Contract for Title with a UCC1 Finance Statement (though he was unaware of Dodd Frank)
Dodd Frank Links



Any advice will be greatly appreciated.
Kind regards
Michael
Equity Properties LLC
mjb@equityproperties.net

I believe you can carry a note on up to 3 residential transactions per year, and not be considered a mortgage originator. I have done it once as an LLC on the sale of a park owned home. The title company wrote up the note and took care of filing it and registering the MH with the buyer as registered owner, and my LLC as lien holder. Title didn’t bat an eye, in CA. Make sure note stipulates buyer has to keep HO insurance current with your LLC as additional insured. Make sure buyer has the income to cover the payments and makes a substantial down payment. In this case, we financed it amortized over 3 years at 8% interest.
Since then, I have found several lenders that will write 20 year loans on older MHs in my park, with only 5% down. So I steer buyers to them rather than carrying the loan myself.

My limited understanding is Dodd Frank is federal legislation, but leaves the ultimate interpretation, enforcement, and regulatory framework up to each state… Thus, you actually need to see how the state of Montana is interpreting and implementing Dodd Frank to know the full expectations in Montana.