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LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
SCHEDULE OF LOANS PAYABLE | The following is a summary of our loans payable as of September 30, 2024 and December 31, 2023 (in thousands): SCHEDULE OF LOANS PAYABLE
|  | 9/30/2024 |  |  | 12/31/2023 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Margin Loan |  | (1) |  | $ | 0 |  |  |  | N/A |  |  | $ | 0 |  |  |  | N/A |
Unsecured revolving credit facility |  | (2) |  |  | 0 |  |  |  | N/A |  |  |  | 70,000 |  |  |  | 7.27 | %
Floorplan inventory financing |  | (3) |  |  | 3,123 |  |  |  | 8.97 | % |  |  | 0 |  |  |  | N/A |
FirstBank rental home loan |  | (4) |  |  | 24,197 |  |  |  | 6.15 | % |  |  | 24,683 |  |  |  | 6.15 | %
FirstBank rental home line of credit |  | (5) |  |  | 0 |  |  |  | N/A |  |  |  | 0 |  |  |  | N/A |
Triad rental home loan |  | (6) |  |  | 0 |  |  |  | N/A |  |  |  | 0 |  |  |  | N/A |
OceanFirst notes receivable financing |  | (7) |  |  | 0 |  |  |  | N/A |  |  |  | 0 |  |  |  | N/A |
Total Loans Payable |  |  |  |  | 27,320 |  |  |  | 6.47 | % |  |  | 94,683 |  |  |  | 6.98 | %
Unamortized debt issuance costs |  |  |  |  | (1,352 | ) |  |  |  |  |  |  | (1,204 | ) |  |  |  |
Loans Payable, net of unamortized |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
debt issuance costs |  |  |  | $ | 25,968 |  |  |  | 6.81 | % |  | $ | 93,479 |  |  |  | 7.07 | %
| (1) | Collateralized by the Company’s securities portfolio and is due on demand. The Company must maintain a coverage ratio of approximately 2 times.
| (2) | Represents an unsecured revolving credit facility syndicated with three banks, BMO Capital Markets Corp., JPMorgan Chase Bank, N.A, and Wells Fargo, N.A. Total available borrowings under this facility is $260 million.
| (3) | Represents revolving credit agreements totaling $108.5 million with 21st Mortgage Corporation (“21st Mortgage”), Customers Bank, Northpoint Commercial Finance and Triad Financial Services (“Triad”) to finance inventory purchases. Interest rates on these agreements range from prime minus 0.75% to SOFR plus 4%. Subsequent to quarter end, the Company paid down this balance.
| (4) | Represents a term loan secured by rental homes and rental home leases, with a fixed interest rate of 6.15% and a maturity of date of May 10, 2028.
| (5) | Represents a $25 million revolving line of credit secured by rental homes and their leases with a 5-year term and a variable interest rate of prime.
| (6) | Represents a $30 million revolving line of credit secured by rental homes and rental home leases, with an interest rate of prime plus 0.25%, with a minimum of 5%.
| (7) | Represents a revolving line of credit secured by eligible notes receivable, with an interest rate of prime with a floor of 4.75%.
SCHEDULE OF MORTGAGES PAYABLE | The following is a summary of our mortgages payable as of September 30, 2024 and December 31, 2023 (in thousands): SCHEDULE OF MORTGAGES PAYABLE
|  | 9/30/2024 |  |  | 12/31/2023 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Fixed rate mortgages |  | $ | 492,248 |  |  |  | 4.17 | % |  | $ | 501,135 |  |  |  | 4.17 | %
Unamortized debt issuance costs |  |  | (3,963 | ) |  |  |  |  |  |  | (4,652 | ) |  |  |  |
Mortgages Payable, net of unamortized debt issuance costs |  | $ | 488,285 |  |  |  | 4.21 | % |  | $ | 496,483 |  |  |  | 4.21 | %

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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