Posted by Park on June 22, 2007 at 22:57:02:
Thank you, David for your response.
I understand about the exemption now and the interest rate limits.
I also picked up a little info on recourse. If recourse to a loan I made to a buyer only extended to the collateral (a mobile home)and not to the buyer personaly, could I charge a higher rate?
I understand that I can offer a high rate to a note buyer by selling at a deep discount as long as I do not offer full recourse. And can only charge 10% or less if the sale offers full recourse.
Does this limited-recourse/full-recourse scenario also apply to a note I would take back upon the sale of a mobile home?
Thanks again, Park