There may be an issue with your late charge collection.Before you book the reservations to Patagonia, you might wanna read this.
California Civil Code 2954.4 regulates the assessing of late charges on OWNER OCCUPIED single family dwellings (1 to 4 residential units)
A payment receivedwithin the 10 day grace period (realisticly 11 days, the due date +10 days after) must be credited as a current payment per the late charge assessment. For example, the borrower misses the January 1st payment, he makes a payment on February 29th, March 25th & April 9th. Per the law, any payment received within 10 days, either forward or backward is to be considered a payment on time. The interest would be paid to March 1st & you would be entitled to a late charge for only the January payment. “Rolling 30s” do not exist as to the late charges.
Keep in mind, this festriction is only on owner occcupied homes. Any other property does not receive the same protection.
Another reason to carefully consider the loan to value on any consumer loans you are thinking about. The bottom line is the government is protecting Joe Lunchbucket to the point his loan is not nearly as attractive as a loan not saddled with the same economic & legislative stumbling blocks.
Another sidebar issue, the late charge provision in the civil code is 6% of the payment. However, if the loan is arranged by a real estate broker, the 10% limitation applies.