Poll on Chattel Lending to Consumers - Please Respond

[Ken Rishel]

This is a poll to determine the level of interest in a new program a client of ours is considering. I ask you to respond either Yes I am ready, willing and able to participate, or No, I am not interested. 

Would you be willing to engage in a joint venture with a lender who would put up 80% of the loan request or appraised value, whichever is less, with you putting up 20% of the final loan amount?

• The 20% put up by you would go into a reserve account maintained by the lender and would pay no interest while being held. When the loan completed successfully the money would be returned. If the loan failed to complete successfully, part or all of the 20% would be applied as necessary to correct any deficiency in the loan balance.
• These loans would be made only for home located in land lease communities, and only in states that permit unrestricted chattel lending, that have signed a community agreement between the lender and the community.
• As part of the joint venture, you would be required to assist in any necessary collateral recovery and security.
• All interest and fees would belong to the 80% lender who would be legally licensed and fully compliant with state and federal laws.
• You would agree to have and maintain a compliance management system sufficient for a retailer and/or community as required by state and federal law to protect the licensed lender from third party liability.

Yes or No?