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Consumer Loans Receivable
 12 Months Ended
Apr. 02, 2022
Receivables [Abstract]  
Consumer Loans Receivable Consumer Loans Receivable
The following table summarizes consumer loans receivable (in thousands):
April 2,
2022		April 3,
2021
Loans held for investment, previously securitized$26,014 $31,949 
Loans held for investment14,771 18,690 
Loans held for sale
8,500 15,587 
Construction advances
3,547 13,801 
52,832 80,027 
Deferred financing fees and other, net
(833)(2,041)
Allowance for loan losses
(2,115)(3,188)
49,884 74,798 
Less current portion(20,639)(37,690)
$29,245 $37,108 
The allowance for loan losses reflects our judgment of the probable loss exposure on loans held for investment. The following table represents changes in the estimated allowance for loan losses, including related additions and deductions to the allowance for loan losses (in thousands):
April 2,
2022		April 3,
2021
Allowance for loan losses at beginning of period$3,188 $1,767 
Impact of adoption of ASU 2016-13— 2,276 
Change in estimated loan losses, net(541)(655)
Charge-offs(532)(201)
Recoveries— 1 
Allowance for loan losses at end of period$2,115 $3,188 
The consumer loans held for investment had the following characteristics:
April 2,
2022		April 3,
2021
Weighted average contractual interest rate8.32 %8.26 %
Weighted average effective interest rate9.21 %9.34 %
Weighted average months to maturity151162
The following table is a consolidated summary of the delinquency status of the outstanding amortized cost of consumer loans receivable (in thousands):
April 2,
2022		April 3,
2021
Current$49,546 $76,378 
31 to 60 days1,202 508 
61 to 90 days41 21 
91+ days2,043 3,120 
$52,832 $80,027 
The following table disaggregates gross consumer loans receivable by credit quality indicator and fiscal year of origination (in thousands):
April 2, 2022
20222021202020192018PriorTotal
Prime- FICO score 680 and greater$8,155 $1,615 $2,371 $1,339 $853 $20,485 $34,818 
Near Prime- FICO score 620-6791,661 1,274 1,413 1,976 617 9,266 16,207 
Sub-Prime- FICO score less than 62045 20 52 — — 1,318 1,435 
No FICO score— — — 26 — 346 372 
$9,861 $2,909 $3,836 $3,341 $1,470 $31,415 $52,832 
April 3, 2021
20212020201920182017PriorTotal
Prime- FICO score 680 and greater$18,250 $3,575 $1,718 $971 $1,959 $23,375 $49,848 
Near Prime- FICO score 620-67910,227 2,744 1,794 1,364 500 10,401 27,030 
Sub-Prime- FICO score less than 620348 53 — — 84 1,579 2,064 
No FICO score576 — 28 — — 481 1,085 
$29,401 $6,372 $3,540 $2,335 $2,543 $35,836 $80,027 
Loan contracts secured by geographically concentrated collateral could experience higher rates of delinquencies, default and foreclosure losses than loan contracts secured by collateral that is more geographically dispersed. As of April 2, 2022, 39% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 17% was concentrated in Florida. As of April 3, 2021, 35% of the outstanding principal balance of the consumer loans receivable portfolio was concentrated in Texas and 20% was concentrated in Florida. Other than Texas and Florida, no state had concentrations in excess of 10% of the principal balance of consumer loans receivable as of April 2, 2022 or April 3, 2021.
Collateral for repossessed loans is acquired through foreclosure or similar proceedings and is recorded at the estimated fair value of the home less the estimated costs to sell. At repossession, the fair value of the collateral is determined based on the historical recovery rates of previously charged-off loans; the loan is charged off and the loss is recorded to the allowance for loan losses. On a monthly basis, the fair value of the collateral is adjusted to the lower of the amount recorded at repossession or the estimated sales price less estimated costs to sell, based on current information. Repossessed homes totaled approximately $499,000 as of April 2, 2022 and $518,000 as of April 3, 2021, and are included in Prepaid expenses and other current assets in the Consolidated Balance Sheets. Foreclosure or similar proceedings in progress totaled approximately $1.1 million as of April 2, 2022 and April 3, 2021.