Logic would suggest rental homes, because their value is perpetual, whereas notes have a finite term which may be less than the underlying park loan itself
Most lenders do not put value on either, and only base the collateral value on the land and improvements. Most appraisers will not include any home or note value, as well, except in cases where they are nominal. Mobile home parks are all about the land business and not the home business.
Thanks for your quick feedback Frank