Document:

<PAGE>
                                                                   Exhibit 10.51

                AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT

      THIS AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT (as amended from
time to time, the "Agreement") is made and entered into as of this 1st day of
February, 2002 by and among ORIGEN FINANCIAL, INC., a Virginia corporation
("Origen Inc."), whose address is 260 East Brown Street, Suite 200, Birmingham,
Michigan 48009, ORIGEN FINANCIAL, L.L.C., a Delaware limited liability company
("Origen LLC" and together with Origen Inc., the "Borrowers"), whose address is
260 East Brown Street, Suite 200, Birmingham, Michigan 48009, and SUN
COMMUNITIES OPERATING LIMITED PARTNERSHIP, a Michigan limited partnership
("Lender"), whose address is 31700 Middlebelt Road, Suite 145, Farmington Hills,
Michigan 48334.

                                   RECITAL:

      A. Lender previously extended a $4,000,000 term loan (the "$4 Million
Loan"), a $50,000,000 subordinated demand line of credit (the "$50 Million Line
of Credit"), and a $10,000,000 subordinated demand line of credit (the "$10
Million Line of Credit," and together with the $4 Million Loan and the $50
Million Line of Credit, the "Existing Sun Loans") to Bingham Financial Services
Corporation ("Bingham").

      B. Under an Assignment and Assumption Agreement dated December 18, 2001,
Origen Inc. assumed Bingham's debts to Lender under the Existing Sun Loans.

      C. Effective December 18, 2001, Origen Inc. fully repaid the $4 Million
Loan and the note evidencing such loan was cancelled, the note evidencing the
$10 Million Line of Credit was cancelled, and Origen Inc. partially repaid the
$50 Million Line of Credit.

      D. Pursuant to a Subordinated Loan Agreement dated December 18, 2001, as
amended by the First Amendment to Subordinated Loan Agreement dated January 1,
2002 (collectively, the "Original Loan Agreement"), Origen Inc. and Lender
amended and restated the $50 Million Line of Credit (as amended and restated,
the "Loan") to reflect the substitution of Origen Inc. as borrower, to reflect
the partial payment of the Loan and to amend the terms of the Loan, in
accordance with the terms and conditions set forth in the Original Loan
Agreement.

      E. Lender and Borrowers desire to amend and restate the Original Loan
Agreement in its entirety in accordance with the terms and conditions set forth
in this Agreement.

      NOW, THEREFORE, the parties agree as follows:

      1. LOAN. The $50 Million Line of Credit is hereby amended and restated to
provide the following terms:

<TABLE>
<S>                     <C>
     Type of Loan:      Line of Credit

     Interest Rate:     700 basis points over LIBOR, but not less than eleven
                        percent (11%) per annum, or in excess of fifteen percent
                        (15%) per annum

     Note Amount:       $17,500,000

     Maturity:          December 18, 2002

     Fees:              $150,000
</TABLE>

The Loan and any amendments, extensions, renewals, or refinancing thereof are
subject to this Agreement. Notwithstanding the foregoing, the Note Amount of the
Loan as set forth above shall
<PAGE>
be reduced to $12,500,000 upon the earlier of (i) June 30, 2002, and (ii) the
closing date of Borrowers' next securitization of manufactured home loans.

      2. LINE OF CREDIT LOAN. Provided the Existing Sun Loans are paid in full
prior to or contemporaneous with the execution of this Agreement, and that no
Event of Default exists and no Event of Default will be caused by any draw under
the Loan, Lender agrees to loan to Borrowers, from time to time up to the Note
Amount (as described above), in increments determined at Lender's discretion and
in accordance with the terms of the Second Amended and Restated Promissory Note
dated February 1, 2002 made by Borrowers in connection with the Loan and
attached to this Agreement as EXHIBIT A. The Second Amended Note shall replace
the First Amended Promissory Note dated January 1, 2002 executed by Origen Inc.
in connection with the Original Loan Agreement. Notwithstanding anything to the
contrary herein, Lender's obligation to make any advance to Borrower under the
Loan shall automatically: (a) cease and terminate upon the maturity date stated
in the Second Amended Note; and (b) suspend upon any earlier occurrence of an
Event of Default unless and until waived by Lender in writing.

      3. BORROWER'S REPRESENTATIONS AND WARRANTIES. Each Borrower, jointly and
severally, represents and warrants to Lender, all of which representations and
warranties shall be continuing until the Loan is fully paid and Borrowers'
obligations under this Agreement and the Related Documents are fully performed,
as follows:

            A. Borrowers' Existence and Authority. Origen Inc. is a Virginia
      corporation, Origen LLC is a Delaware limited liability company, and the
      person executing this Agreement on behalf of each Borrower has full power
      and complete authority to execute this Agreement and all Related Documents
      on behalf of such Borrower, and this Agreement and the Related Documents
      are valid, binding and enforceable against each Borrower.

            B. Financial Information. All financial information provided to
      Lender has been prepared and will continue to be prepared in accordance
      with generally accepted accounting principles ("GAAP"), consistently
      applied, and fully and fairly presents the financial condition of
      Borrowers as of the date or for the operating period thereof. There has
      been no material adverse change in either Borrower's business, property,
      or financial condition since the date of Borrowers' latest Financial
      Statements provided to Lender.

            C. No Litigation/No Misrepresentations. There are no civil or
      criminal proceedings pending before any court, government agency,
      arbitration panel, or administrative tribunal or, to Borrowers' knowledge,
      threatened against Borrowers, which may result in any material adverse
      change in the business, property, or financial condition of either
      Borrower. All representations and warranties in this Agreement and the
      Related Documents are true and correct and no material fact has been
      omitted.

      4. AFFIRMATIVE COVENANTS. As of the date of this Agreement and continuing
until all of Borrowers' obligations under this Agreement and the Related
Documents are fully performed and the Loan is fully repaid to Lender, Borrowers
shall at all times comply with the following covenants:

            A. Notice of Adverse Events. Borrowers shall promptly notify Lender
      in writing of any litigation, indictment, governmental proceeding,
      default, or any other occurrence which may have a material adverse effect
      on either Borrower's business, property or financial condition.

            B. Maintain Business Existence and Operations. Each Borrower shall
      do all things necessary to keep in full force and effect its corporate
      existence and continue its business as presently conducted.

                                      -2-
<PAGE>
            C. General Compliance with Law. Each Borrower shall at all times
      operate its business in strict compliance with all applicable Federal,
      State, and local laws, ordinances and regulations, and refrain from
      engaging in any civil or criminal activity proscribed by Federal, State or
      local law.

            D. Delivery of Financial Statements. Within forty-five (45) days
      after the end of each fiscal quarter, each Borrower shall deliver to
      Lender copies of its unaudited financial statements prepared in accordance
      with GAAP, consistently applied. Within ninety (90) days after the end of
      each fiscal year, each Borrower shall deliver to Lender copies of its
      audited financial statements prepared in accordance with GAAP,
      consistently applied.

      5.    EVENTS OF DEFAULT.  The occurrence of any of the following  events
shall constitute an Event of Default under this Agreement:

            A. Failure to Pay Amounts Due. Any amount of principal or interest
      under the Second Amended Note is not paid when due.

            B. Misrepresentations; False Financial Information. Any statement,
      warranty or representation of Borrowers in connection with or contained in
      this Agreement, the Related Documents, or any Financial Statements now or
      hereafter furnished to Lender by or on behalf of Borrowers, is false or
      misleading.

            C. Noncompliance with Loan Agreements. Either Borrower breaches any
      covenant, term, condition or agreement stated in this Agreement, the
      Related Documents or any agreement relating to Senior Debt (as defined
      below).

            D. Cessation/Termination of Existence. Either Borrower shall cease
      doing business or Borrower's existence is terminated by sale, dissolution,
      merger or otherwise.

            E. Bankruptcy or Receivership. Any conveyance is made of
      substantially all of either Borrower's assets, any assignment is made for
      the benefit of creditors, any receiver is appointed, or any insolvency,
      liquidation or reorganization proceeding under the Bankruptcy Code or
      otherwise shall be filed by or against either Borrower.

            F. Attachments; Tax Liens. Any attachment, execution, levy,
      forfeiture, tax lien or similar writ or process is issued against any
      property of either Borrower.

            G. Material Adverse Change. Any material adverse change occurs or is
      imminent the effect of which would be to substantially diminish either
      Borrower's financial condition, business, or the ability to perform its
      agreements with Lender.

            H. Other Lender Default. Any other indebtedness to Lender or any
      other creditor (including, without limitation, Financial Institutions (as
      defined below)) becomes due and remains unpaid after acceleration of the
      maturity or after the stated maturity.

            I. Other Indebtedness. Either Borrower incurs any indebtedness
      (other than Senior Debt) after the date of this Agreement.

            J. Change of Control Event. Absent Lender's prior written consent,
      any Change of Control Event with respect to either Borrower occurring
      after the Borrowers first draws on the Loan.

                                      -3-
<PAGE>
      6.    REMEDIES ON DEFAULT.

            A. Acceleration Set-Off. Upon the occurrence of any Event of
      Default, Lender may, at Lender's option, declare the Loan to be
      immediately due and payable. The foregoing shall not in any way impair
      Lender's right to demand repayment under the terms of the Second Amended
      Note.

            B. Remedies; No Waiver. The remedies provided in this Agreement are
      cumulative and not exclusive, and Lender may exercise any remedies
      available to it at law, in equity, and as are provided in this Agreement,
      the Related Documents and any other written agreement between Borrower and
      Lender. No delay or failure of Lender in exercising any right, remedy,
      power, or privilege under this Agreement or the Related Documents shall
      affect that right, remedy, power or privilege, nor shall any single or
      partial exercise preclude the exercise of any other right, remedy, power
      or privilege. No delay or failure of Lender to demand strict adherence to
      the terms of this Agreement or the Related Documents shall be deemed to
      constitute a course of conduct inconsistent with Lender's right at any
      time, before or after any Event of Default, to prospectively demand strict
      adherence to the terms of this Agreement and the Related Documents.

      7.    SUBORDINATION.

            A. The indebtedness evidenced by the Second Amended Note and any
      renewals or extensions thereof (such indebtedness being herein called the
      "Subordinated Indebtedness") shall at all times be wholly subordinate and
      junior in right to payment in full of all Senior Debt (as defined below).
      The provisions of this section on subordination shall constitute a
      continuing offer to all persons who, in reliance upon such provisions,
      become holders of, or continue to hold, Senior Debt, and such provisions
      are made for the benefit of the holders of Senior Debt, and such holders
      are hereby made obligees hereunder the same as if their names were written
      herein as such, and they and/or each of them may proceed to enforce such
      provisions. Unless and until an event of default under any of the Senior
      Debt (other than an event of default which exists solely by reason of a
      default under this Agreement) shall have occurred and be continuing
      ("Superior Default"), Borrowers shall pay the principal and interest on
      all Subordinated Indebtedness according to the terms hereof.

            For purposes of this Agreement, "Senior Debt" means the principal
      of, and interest on and other amounts due on or in connection with any
      Indebtedness of Borrowers (other than the Second Amended Note) to any
      Financial Institution (as defined below), whether outstanding on the date
      of this Agreement, or thereafter created, incurred or assumed by Borrowers
      (including all deferrals, renewals, extensions or refundings of, or
      amendments, modifications or supplements to, Indebtedness of the kind
      described in this clause). Notwithstanding anything herein to the
      contrary, Senior Debt shall not include: (a) Indebtedness of or amounts
      owed by Borrowers for compensation to employees, or for goods or materials
      purchased in the ordinary course of business or for services, or (b)
      Indebtedness either Borrower to its subsidiary or affiliate. In no event
      shall any Financial Institution be deemed to be an affiliate of Borrowers.
      Indebtedness of either Borrower to its subsidiary or affiliate shall be
      pari passu in all respects with the Subordinated Indebtedness.

            For purposes of this Agreement, "Financial Institution" means any
      bank as defined in section 3(a)(2) of the Securities Act of 1933, as
      amended (the "Securities Act"), savings and loan association or other
      institution as defined in section 3(a)(5)(A) of the Securities Act,
      insurance company as defined in section 2(13) of the Securities Act, or
      investment banking firm.

                                      -4-
<PAGE>
            For purposes of this Agreement, "Indebtedness" means, with respect
      to any person, (a) any liability, contingent or otherwise, of such person
      (i) for borrowed money (whether or not the recourse of the lender is to
      the whole of the assets of such person or only to a portion thereof), (ii)
      evidenced by a note, debenture or similar instrument or representing the
      balance deferred and unpaid of the purchase price of any property
      purchased, or (iii) for the payment of money relating to a lease that is
      required to be capitalized under generally accepted accounting principles;
      (b) any obligation secured by a lien to which the property or assets of
      such person are subject, whether or not the obligations secured thereby
      shall have been assumed by or shall otherwise be such person's legal
      liability; and (c) any and all deferrals, renewals, extensions and
      refundings of, or amendments, modifications or supplements to, any
      liability of the kind described in any of the preceding clauses (a) or
      (b).

            B. The terms hereof, the subordination effected hereby and the
      rights of the holders of the Senior Debt shall not be affected by (a) any
      amendment of or addition or supplement to any Senior Debt or any
      instrument or agreement relating thereto, (b) any exercise or non-exercise
      of any right, power or remedy under or in respect of any Senior Debt or
      any instrument or agreement relating thereto, or (c) any waiver, consent,
      release, indulgence, extension, renewal, modification, delay or other
      action, inaction or omission, in respect of any Senior Debt or any
      instrument or agreement relating thereto or any security therefor or
      guaranty thereof, whether or not any holder of any Subordinated
      Indebtedness shall have had notice or knowledge of any of the foregoing.

            C. Upon the happening of (a) a Superior Default which is a default
      in respect of payment of principal, premium, if any, or interest on Senior
      Debt or (b) a Superior Default (other than a Superior Default in respect
      of payment of principal, premium, if any, or interest on Senior Debt) and
      receipt by Lender of written notice thereof from any holder of Senior
      Debt, then until all Senior Debt shall have been paid in full, Borrowers
      shall not, directly or indirectly, make or agree to make, and neither
      Lender nor any assignee or successor holder of any Subordinated
      Indebtedness shall demand, accept or receive (a) any payment (in cash,
      property or securities, by set-off or otherwise), direct or indirect, of
      or on account of any principal or interest in respect of any Subordinated
      Indebtedness, and no such payment shall be accepted by any holder of any
      Subordinated Indebtedness, or (b) any payment for the purpose of any
      redemption, purchase or other acquisition, direct or indirect, of any
      Subordinated Indebtedness, and no such payment shall be due.

            In the case of any Superior Default (other than a Superior Default
      with respect to payment of principal, premium, if any, or interest on
      Senior Debt), the foregoing restrictions shall cease to apply to any
      payment received with respect to the Subordinated Indebtedness after the
      expiration of 180 days after the holder of the Second Amended Note shall
      have received notice of the Superior Default, unless prior to the
      expiration of such 180-day period one or more holders of the Senior Debt
      shall have commenced and be diligently prosecuting an action, suit or
      other legal or equitable proceeding against Borrower or its property based
      upon the Superior Default or unless a Superior Default which is a payment
      default shall have occurred and be continuing; provided, further, that
      during such 180-day period following the Superior Default (other than a
      Superior Default with respect to payment of principal, premium, if any, or
      interest on Senior Debt) the holders of the Subordinated Indebtedness
      shall refrain from prosecuting any such action, suit or other legal or
      equitable proceeding against either Borrower or its property based upon an
      Event of Default hereunder.

            In the event that a Superior Default (other than a Superior Default
      with respect to payment of principal, premium or interest on Senior Debt)
      is cured or is waived by the appropriate holders of the Senior Debt
      (whether by amendment to the applicable loan

                                      -5-
<PAGE>
      agreement, forbearance agreement or otherwise) prior to the expiration of
      the aforesaid 180-day period applicable to such Superior Default, then any
      Event of Default occurring under this Agreement solely by reason of the
      occurrence of such Superior Default shall be deemed not to have occurred.
      Any judicial proceedings initiated by a holder of Subordinated
      Indebtedness at a time when such holder has no knowledge that such
      proceedings are prohibited by this paragraph shall not be deemed a
      violation of any provisions of this Agreement and, upon receipt of notice
      from the holder of the Senior Debt that such proceedings are so
      prohibited, such holder of the Subordinated Indebtedness shall terminate
      such proceedings, without prejudice.

            D. Upon any distribution (whether of cash, securities or other
      property) to creditors of either Borrower in a liquidation or dissolution
      of such Borrower, or in a bankruptcy, reorganization, insolvency,
      receivership, assignment for the benefit of creditors, marshalling of
      assets or similar proceeding relating to such Borrower or its property:

                  (1) holders of Senior Debt shall be entitled to receive
      payment in full in cash of such Senior Debt (including interest accruing
      after the commencement of any such proceeding or interest that would have
      accrued but for the commencement of such proceeding to the date of payment
      on, and other amounts included in, Senior Debt) before the holder of the
      Second Amended Note shall be entitled to receive any payment of principal
      of, premium (if any) or interest on the Second Amended Note or any other
      distributions with respect to the Second Amended Note;

                  (2) until the Senior Debt is paid in full in cash as provided
      in clause (1) of this paragraph, any distribution to which the holder of
      the Second Amended Note would be entitled but for this section on
      subordination shall be made to the holders of Senior Debt as their
      interests may appear.

            In the event that any payment or distribution of assets of either
      Borrower prohibited by the provisions of this section on subordination of
      any kind or character, whether in cash, property or securities, shall be
      received by the holder of the Second Amended Note before all Senior Debt
      is paid in full, or provision made for such payment in accordance with the
      terms of the Senior Debt, such payment or distribution shall be held in
      trust for the benefit of, and shall be paid over or delivered to, the
      holders of such Senior Debt or their representative or representatives, or
      to the trustee or trustees under any indenture pursuant to which any
      instruments evidencing any of such Senior Debt may have been issued, as
      their respective interests may appear, for application to the payment of
      all Senior Debt remaining unpaid to the extent necessary to pay such
      Senior Debt in full in accordance with its terms, after giving effect to
      any concurrent payment or distribution to the holders of such Senior Debt.

            E. In the event that the Second Amended Note is declared due and
      payable before its stated maturity because of the occurrence of an Event
      of Default hereunder, the holders of the Senior Debt shall be entitled to
      receive payment in full of all amounts due with respect to all Senior Debt
      before the holder of the Second Amended Note is entitled to receive any
      payment on account of the principal of, premium (if any) or interest on,
      or any repurchase, redemption or other retirement (including, without
      limitation, any defeasance) of, the Second Amended Note.

            F. Subject to the payment in full of all Senior Debt, the holders of
      Subordinated Indebtedness shall be subrogated to the rights of the holders
      of Senior Debt to receive payments or distributions of assets of Borrowers
      applicable to the Senior Debt until all amounts owing on the Subordinated
      Indebtedness shall be paid in full, and for the purpose of such
      subrogation no such payments or distributions to the holders of

                                      -6-
<PAGE>
      Senior Debt by or on behalf of Borrowers by virtue of this Agreement which
      otherwise would have been made to the holder of the Second Amended Note,
      shall, as between Borrowers and the holder of the Second Amended Note, be
      deemed to be payment by Borrowers to or on account of the Senior Debt, it
      being understood that the provisions of this paragraph are intended solely
      for the purpose of defining the relative rights of the holders of
      Subordinated Indebtedness on the one hand and the holders of Senior Debt,
      on the other hand.

            Nothing contained herein is intended to or shall impair, as between
      Borrowers and Lender, the obligation of Borrowers, which is absolute and
      unconditional, to pay to Lender, the principal of and interest on the
      Subordinated Indebtedness as and when the same shall become due and
      payable in accordance with its terms, or is intended to or shall affect
      (except to the extent specifically provided in the above paragraph) the
      relative rights of the holders hereof and creditors of Borrowers other
      than the holders of the Senior Debt, nor shall anything herein or therein
      prevent any holder of the Second Amended Note from exercising all remedies
      otherwise permitted by applicable law upon default hereunder subject to
      the rights, if any, hereunder of the holders of Senior Debt in respect of
      cash, property or securities of Borrower received upon the exercise of any
      such remedy.

      8.    COLLATERAL SECURITY.

      To secure the payment of all amounts due to Lender by Borrowers in
connection with the Loan and pursuant to terms of this Agreement and the Second
Amended Note, Borrowers have granted Lender a security interest in those assets
described under the following documents: (i) the Security Agreement dated
February 1, 2002 between Origen LLC and Lender, as amended from time to time,
(ii) Amended and Restated Security Agreement dated February 1, 2002 between
Origen Inc. and Lender, as amended from time to time, (iii) the Amended and
Restated Stock Pledge Agreement dated February 1, 2002 between Origen Inc. and
Lender, as amended from time to time, (iv) the Limited Liability Company
Interest Security and Pledge Agreement dated February 1, 2002 between Origen LLC
and Lender, as amended from time to time, and (v) the Amended and Restated
Limited Liability Company Interest Security and Pledge Agreement dated February
1, 2002 between Origen Inc. and Lender, as amended from time to time.

      9.    MISCELLANEOUS.

            A. Compliance with Lender Agreements. Each Borrower acknowledges
      that it has read and understands this Agreement, the Related Documents,
      and all other written agreements between Borrowers and Lender, and each
      Borrower agrees to fully comply with all of the agreements.

            B. Further Action. Each Borrower agrees, from time to time, upon
      Lender's request to make, execute, acknowledge, and deliver to Lender,
      such further and additional instruments, documents, and agreements, and to
      take such further action as may be required to carry out the intent and
      purpose of this Agreement and prompt repayment of the Loan.

            C. Governing Law/Partial Illegality. This Agreement and the Related
      Documents shall be interpreted and the rights of the parties determined
      under the laws of the State of Michigan. Should any part, term, or
      provision of this Agreement be adjudged illegal or in conflict with any
      law of the United States of America or State of Michigan, the validity of
      the remaining portion or provisions of the Agreement shall not be
      affected.

            D. Writings Constitute Entire Agreement; Modifications Only in
      Writing. This Agreement together with all other written agreements between
      Borrowers and

                                      -7-
<PAGE>
      Lender, including, without limitation, the Related Documents, constitute
      the entire agreement of the parties and there are no other agreements,
      express or implied. None of the parties shall be bound by anything not
      expressed in writing, and neither this Agreement nor the Related Documents
      can be modified except by a writing executed by Borrowers and by Lender.
      This Agreement shall inure to the benefit of and shall be binding upon all
      of the parties to this Agreement and their respective successors and
      assigns; provided however, that neither Borrower may assign or transfer
      its rights or obligations under this Agreement without Lender's prior
      written consent.

            E. Headings. All section and paragraph headings in this Agreement
      are included for reference only and do not constitute a part of this
      Agreement.

            F. Term of Agreement. This Agreement shall continue in full force
      and effect until all of Borrowers' obligations to Lender are fully
      satisfied and the Loan is fully repaid.

            G. Counterparts; Reproductions. This Agreement may be executed in
      counterparts, each of which shall be deemed to be an original and all of
      which together shall constitute one instrument. Facsimile copies of
      signatures to this Agreement shall be deemed to be originals, and the
      parties may rely upon such facsimile copies to the same extent as the
      originals.

      10.   DEFINITIONS.   The  following   words  shall  have  the  following
meanings in this Agreement:

            A. "Change of Control Event" shall mean, with respect to each
      Borrower, (a) an event or series of events by which any person, entity or
      group (as such term is used in Section 13(d) and 14(d) of the Securities
      Exchange Act of 1934, as amended (the "Exchange Act")) of persons or other
      entities acting in concert as a partnership or other group (a "Group of
      Persons") (other than persons who are, or Groups of Persons entirely made
      up of, (i) management personnel of such Borrower or (ii) any affiliates of
      any such management personnel) shall, as a result of a tender or exchange
      offer or offers, an open market purchase or purchases, a privately
      negotiated purchase or purchases or otherwise, become the beneficial owner
      (within the meaning of Rule 13d-3 under the Exchange Act, except that a
      person or entity shall be deemed to have "beneficial ownership" of all
      securities that such person or entity has the right to acquire, whether
      such right is exercisable immediately or only after the passage of time),
      directly or indirectly, of 20% or more of the combined voting power of the
      then outstanding voting stock of such Borrower; or (b) such Borrower
      consolidates with, or merges with or into, another person or entity, or
      sells, assigns, conveys, transfers, leases or otherwise disposes of all or
      substantially all of its assets to any person or entity, or any person or
      entity consolidates with, or merges with or into such Borrower, in any
      such event pursuant to a transaction in which the outstanding voting stock
      of Borrower is converted into or exchanged for cash, securities or other
      property.

            B.     "Event of Default"  shall mean any of the events  described
      in Section 5 of this Agreement or in the Related Documents.

            C. "Financial Statements" shall mean all balance sheets, income
      statements, and other financial information which have been, are now, or
      in the future are furnished to Lender.

             D. "Second Amended Note" shall mean that certain line of credit
      promissory note from Borrowers to Lender, in the form attached hereto as
      EXHIBIT A, as amended from time to time.

                                      -8-
<PAGE>
            E. "Related Documents" shall mean any and all documents, promissory
      notes, and agreements executed in connection with this Agreement. This
      term shall include documents existing before, at the time of execution of,
      and documents executed concurrent with or after the date of, this
      Agreement.

                        [signatures on following page]

                                      -9-
<PAGE>
      IN WITNESS WHEREOF, the parties have executed this Amended and Restated
Subordinated Loan Agreement as of the date first written above.

                                    BORROWERS:

                                    ORIGEN FINANCIAL, L.L.C., a Delaware
                                    limited liability company

                                    By:   /s/ Ronald Klein
                                       ---------------------------------------

                                    Its:  CEO
                                        --------------------------------------

                                    ORIGEN FINANCIAL, INC., a Virginia
                                    corporation

                                    By:  /s/ Ronald Klein
                                       ---------------------------------------

                                    Its:  CEO
                                        --------------------------------------

                                    LENDER:

                                    SUN COMMUNITIES OPERATING LIMITED
                                    PARTNERSHIP, a Michigan limited
                                    partnership

                                    By: Sun Communities, Inc., a Maryland
                                    corporation
                                    Its:  General Partner

                                          By:   /s/ Gary A. Shiffman
                                             ---------------------------------

                                          Its:  President
                                              --------------------------------

                                      -10-
<PAGE>
                                                                   Exhibit 10.51

                     FIRST AMENDMENT TO AMENDED AND RESTATED
                           SUBORDINATED LOAN AGREEMENT

      THIS FIRST AMENDMENT TO AMENDED AND RESTATED SUBORDINATED LOAN AGREEMENT
(the "Amendment") is made and entered into as of March 22, 2002 by and among
ORIGEN FINANCIAL, INC., a Virginia corporation ("Origen Inc."), whose address is
260 East Brown Street, Suite 200, Birmingham, Michigan 48009, ORIGEN FINANCIAL
L.L.C., a Delaware limited liability company ("Origen LLC" and together with
Origen Inc., the "Borrowers"), whose address is 260 East Brown Street, Suite
200, Birmingham, Michigan 48009, and SUN COMMUNITIES OPERATING LIMITED
PARTNERSHIP, a Michigan limited partnership ("Lender"), whose address is 31700
Middlebelt Road, Suite 145, Farmington Hills, Michigan 48334.

                                  RECITALS:

      A. Borrowers and Lender have entered into that certain Amended and
Restated Subordinated Loan Agreement dated February 1, 2002 (the "Loan
Agreement"). All capitalized terms not defined in this Amendment shall have the
meanings given to them in the Loan Agreement.

      B.    Borrowers and Lender desire to amend the Loan Agreement in
accordance with the terms and conditions of this Amendment.

      NOW, THEREFORE, the parties agree as follows:

      1.    Section 1 of the Loan Agreement is hereby deleted in its entirety
and replaced with the following Section 1:

            "LOAN.  The Line of Credit provided hereunder shall have the
      following terms:

<TABLE>
<S>                             <C>
            Type of Loan:       Line of Credit

            Interest Rate:      700 basis points over LIBOR, but not less than
                                eleven percent (11%) per annum, or in excess of
                                fifteen percent (15%) per annum

            Note Amount:        $21,250,000

            Maturity:           December 18, 2002

            Fees:               $28,125.00
</TABLE>

      The Loan and any amendments, extensions, renewals, or refinancing thereof
      are subject to this Agreement."

      2. Upon the execution of this Amendment, Borrowers shall execute and
deliver to Lender a Third Amended and Restated Promissory Note dated March 22,
2002, in the form attached to this Amendment as EXHIBIT A (the "Third Amended
Note"). The Third Amended Note shall replace the Second Amended and Restated
Promissory Note dated February 1, 2002 executed by Borrowers in connection with
the Loan Agreement. All references in the Loan Agreement to the "Second Amended
Note" are hereby amended to be the "Third Amended Note."

      3.    Upon the execution of this Amendment, Borrowers shall pay Lender
an origination fee of $28,125.00.
<PAGE>
      4. Unless otherwise modified by this Amendment, all provisions of the Loan
Agreement shall remain in full force and effect.

      5. This Amendment may be executed in any number of counterparts, each of
which shall be an original and all of which together shall constitute one and
the same agreement. Facsimile or photographic reproductions of this Amendment
may be made and relied upon to the same extent as though such fax or copy were
an original.

      IN WITNESS WHEREOF, the parties have executed this First Amendment to
Amended and Restated Subordinated Loan Agreement as of the date first written
above.

                                    BORROWERS:

                                    ORIGEN FINANCIAL, INC., a Virginia
                                    corporation

                                    By: /s/ Ronald Klein
                                       ---------------------------------

                                    Its: CEO
                                        --------------------------------

                                    ORIGEN FINANCIAL L.L.C., a Delaware
                                    limited liability company

                                    By: /s/ Ronald Klein
                                       ---------------------------------

                                    Its: CEO
                                        --------------------------------

                                    LENDER:

                                    SUN COMMUNITIES OPERATING LIMITED
                                    PARTNERSHIP, a Michigan limited
                                    partnership

                                    By: Sun Communities, Inc., a Maryland
                                    corporation
                                    Its:  General Partner

                                          By: /s/ Gary A. Shiffman
                                             ---------------------------------

                                          Its: President
                                              --------------------------------

                                      -2-<PAGE>
                                                                   Exhibit 10.52

                   THIRD AMENDED AND RESTATED PROMISSORY NOTE

DUE DATE:  DECEMBER 18, 2002                                   DETROIT, MICHIGAN
                                                     DATED: AS OF MARCH 22, 2002

      FOR VALUE RECEIVED, EACH OF ORIGEN FINANCIAL, INC., a Virginia corporation
("Origen Inc."), and ORIGEN FINANCIAL, L.L.C., a Delaware limited liability
company ("Origen LLC" and together with Origen Inc., the "Borrowers"), jointly
and severally promise to pay to the order of SUN COMMUNITIES OPERATING LIMITED
PARTNERSHIP, a Michigan limited partnership ("Lender"), at 31700 Middlebelt
Road, Suite 145, Farmington Hills, Michigan 48334, or at such other place as
Lender may designate in writing, the principal sum of TWENTY ONE MILLION TWO
HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($21,250,000) (the "Credit Limit"), or
such lesser sum as shall have been advanced by Lender to Borrowers under the
loan account hereinafter described, plus interest as hereinafter provided, all
in lawful money of the United States of America, in accordance with the terms
hereof. This Note is subject to the terms of that certain Amended and Restated
Subordinated Loan Agreement between Borrowers and Lender dated February 1, 2002,
as amended by the First Amendment to Amended and Restated Subordinated Loan
Agreement dated March 22, 2002 (the "Amended Loan Agreement"), the terms of
which are incorporated herein by reference.

      ADVANCES. This Note is given as evidence of any and all indebtedness of
the Borrowers to Lender arising as a result of advances or other credit which
may be made under this Note from time to time. Lender shall, from time to time
prior to the Due Date, make advances to Borrowers hereunder upon request
therefor by Borrowers, provided that upon giving effect to such advance no Event
of Default (as hereinafter defined) and no event which with notice and/or the
passage of time would become an Event of Default shall exist, and that all
representations and warranties of Borrowers theretofore made are true and
correct and that Lender shall not have previously or concurrently declared all
amounts owing hereunder to be immediately due and payable and that the amount
requested shall not cause the total amount outstanding hereunder to exceed
Credit Limit. Advances hereunder may be requested by telephone, in writing or in
any other manner acceptable to Lender. The principal amount of indebtedness
owing pursuant to this Note shall change from time to time decreasing in amounts
equal to any and all payments of principal made by the Borrowers and increasing
by amounts equal to any and all advances made by Lender to the Borrowers
pursuant to the terms hereof. The books and records of Lender shall be
conclusive evidence of the amount of principal and interest owing hereunder at
any time, unless Lender receives a written statement of exceptions from
Borrowers within ten (10) days after such statement has been furnished. From
time to time but not less than quarterly, Lender shall furnish Borrowers a
statement of Borrowers' loan account.

      INTEREST. The unpaid principal balance of this Note shall bear interest,
computed on the basis of a year of 360 days for the actual number of days
elapsed in a month, at a rate of interest of 700 basis points over LIBOR (the
"Rate"), which Rate shall not be less than 11% per annum or exceed 15% per annum
(the Rate shall be adjusted for purposes of this Note on the last day of every
fiscal quarter beginning on March 31, 2002), until the entire principal balance
of this Note, and all accrued and unpaid interest has been paid in full.
<PAGE>
      PAYMENT. Accrued and unpaid interest on the unpaid principal balance of
this Note from time to time shall be due and payable monthly, in arrears, on the
last day of each consecutive month until the Due Date. The remaining principal
balance shall be due and payable on the Due Date, along with any accrued and
unpaid interest as of the Due Date.

      All payments made hereunder shall be applied first against costs and
expenses required to be paid hereunder, then against accrued interest to the
extent thereof and the balance shall be applied against the outstanding
principal amount hereof. Borrowers expressly assume all risks of loss or delay
in the delivery of any payments made by mail, and no course of conduct or
dealing shall affect Borrowers' assumption of these risks.

      DEFAULT. Upon the occurrence of an Event of Default, as defined in the
Amended Loan Agreement, the entire unpaid principal balance and all accrued and
unpaid interest owing under this Note shall, at Lender's option, be immediately
due and payable, together with costs and attorneys fees reasonably incurred by
Lender in collecting or enforcing payment.

      Acceptance by Lender of any payment in an amount less than the amount then
due shall be deemed an acceptance on account only, and Borrowers' failure to pay
the entire amount then due shall be and continue to be a default. Upon the
occurrence of any Event of Default, neither the failure of Lender promptly to
exercise its right to declare the outstanding principal and accrued unpaid
interest hereunder to be immediately due and payable, nor the failure of Lender
to demand strict performance of any other obligation of Borrowers or any other
person who may be liable hereunder, shall constitute a waiver of any such
rights, nor a waiver of such rights in connection with any future default on the
part of Borrowers or any other person who may be liable hereunder.

      INTEREST RATE LIMITED TO MAXIMUM RATE. Notwithstanding anything herein to
the contrary, in no event shall Borrowers be required to pay a rate of interest
in excess of the Maximum Rate. The term "Maximum Rate" shall mean the maximum
non-usurious rate of interest that Lender is allowed to contract for, charge,
take, reserve or receive under the applicable laws of any applicable state or of
the United States of America (whichever from time to time permits the highest
rate for the use, forbearance or detention of money) after taking into account,
to the extent required by applicable law, any and all relevant payments or
charges hereunder, or under any other document or instrument executed and
delivered in connection herewith and the indebtedness evidenced hereby.

      In the event Lender ever receives, as interest, any amount in excess of
the Maximum Rate, such amount as would be excessive interest shall be deemed a
partial prepayment of principal, and, if the principal hereof is paid in full,
any remaining excess shall be returned to Borrowers. In determining whether or
not the interest paid or payable, under any specified contingency, exceeds the
Maximum Rate, Borrowers and Lender shall, to the maximum extent permitted by
law, (a) characterize any non-principal payment as an expense, fee, or premium
rather than as interest; (b) exclude voluntary prepayments and the effects
thereof; and (c) amortize, prorate, allocate and spread the total amount of
interest through and including the Due Date (including the period of any

                                      -2-
<PAGE>
extension or renewal thereof) so that the interest on account of such
indebtedness shall not exceed the Maximum Rate.

      SUCCESSORS/ASSIGNS. This Note shall be binding upon Borrowers and their
respective successors and assigns, and the benefits hereof shall inure to Lender
and its successors and assigns.

      GENERAL. Borrowers and all endorsees, sureties and guarantors hereof
hereby jointly and severally waive presentment for payment, demand, notice of
non-payment, notice of protest or protest of this Note, and Lender diligence in
collection or bringing suit, and do hereby consent to any and all extensions of
time, renewals, waivers or modifications as may be granted by Lender with
respect to payment or any other provisions of this Note. The liability of
Borrowers under this Note shall be absolute and unconditional, without regard to
the liability of any other party.

      This Note has been executed in the State of Michigan, and all rights and
obligations hereunder shall be governed by the laws of the State of Michigan.

      To secure the payment of all amounts due to Lender by Borrower in
connection with the loan evidenced by this Note and pursuant to terms of the
Amended Loan Agreement and this Note, Borrowers have granted Lender a security
interest in the assets described under the following documents: (i) the Security
Agreement dated February 1, 2002 between Origen LLC and Lender, as amended from
time to time, (ii) Amended and Restated Security Agreement dated February 1,
2002 between Origen Inc. and Lender, as amended from time to time, (iii) the
Amended and Restated Stock Pledge Agreement dated February 1, 2002 between
Origen Inc. and Lender, as amended from time to time, (iv) the Limited Liability
Company Interest Security and Pledge Agreement dated February 1, 2002 between
Origen LLC and Lender, as amended from time to time, and (v) the Amended and
Restated Limited Liability Company Interest Security and Pledge Agreement dated
February 1, 2002 between Origen Inc. and Lender, as amended from time to time.

      This Note is an amendment to and restatement of that certain Second
Amended and Restated Promissory Note dated February 1, 2002 executed by Origen
Financial, Inc. in favor of Lender (the "Prior Note"), and this Note amends,
supersedes and replaces the Prior Note.

                          [signature page attached]

                                      -3-
<PAGE>
                                    BORROWERS:

                                    ORIGEN FINANCIAL, L.L.C., a Delaware
                                    limited liability company

                                    By: /s/ Ronald Klein
                                       ---------------------------------------

                                    Its: CEO
                                        --------------------------------------

                                    ORIGEN FINANCIAL, INC., a Virginia
                                    corporation

                                    By: /s/ Ronald Klein
                                       ---------------------------------------

                                    Its: CEO
                                        --------------------------------------

                                      -4-

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