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NOTES AND INTEREST RECEIVABLE
 6 Months Ended
Jun. 30, 2012
NOTES AND INTEREST RECEIVABLE  
NOTES AND INTEREST RECEIVABLE

NOTE 3. NOTES AND INTEREST RECEIVABLE

 

A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity. Our mortgage notes receivable consist of first, wraparound and junior mortgage loans (dollars in thousands):

  

 

Borrower

Date

Rate

Amount

 

Security

 

Performing loans:

 

 

 

 

 

 

 

     Miscellaneous non-related party notes

Various

Various

          4,097

 

Various security interests

 

 

     Miscellaneous related party notes (1)

Various

Various

          2,321

 

Various security interests

 

 

     Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1)

12/27

5.25%

          2,097

 

100% Interest in Unified Housing of McKinney, LLC

 

     Unified Housing Foundation, Inc. (Echo Station) (1)

12/27

5.25%

          1,481

 

100% Interest in Unified Housing of Temple, LLC

 

 

     Unified Housing Foundation, Inc. (Inwood on the Park) (1)

12/27

5.25%

          5,059

 

100% Interest in Unified Housing Inwood, LLC

 

 

     Unified Housing Foundation, Inc. (Kensington Park) (1)

12/27

5.25%

          3,936

 

100% Interest in Unified Housing Kensington, LLC

 

 

     Unified Housing Foundation, Inc.  (Lakeshore Villas) (1)

12/27

5.25%

          2,000

 

Unsecured

 

 

     Unified Housing Foundation, Inc.  (Lakeshore Villas) (1)

12/27

5.25%

          9,096

 

Membership interest in Housing for Seniors of Humble, LLC

 

     Unified Housing Foundation, Inc. (Limestone Canyon) (1)

07/15

5.25%

          3,057

 

100% Interest in Unified Housing of Austin, LLC

 

 

     Unified Housing Foundation, Inc. (Limestone Canyon) (1)

12/27

5.25%

          4,663

 

100% Interest in Unified Housing of Austin, LLC

 

 

     Unified Housing Foundation, Inc. (Limestone Ranch) (1)

07/15

5.25%

          2,250

 

100% Interest in Unified Housing of Vista Ridge, LLC

 

     Unified Housing Foundation, Inc. (Limestone Ranch) (1)

12/27

5.25%

          6,000

 

100% Interest in Unified Housing of Vista Ridge, LLC

 

     Unified Housing Foundation, Inc. (Parkside Crossing) (1)

12/27

5.25%

          2,272

 

100% Interest in Unified Housing of Parkside Crossing, LLC

 

     Unified Housing Foundation, Inc. (Sendero Ridge) (1)

07/15

5.25%

          5,174

 

100% Interest in Unified Housing of Sendero Ridge, LLC

 

     Unified Housing Foundation, Inc. (Sendero Ridge) (1)

12/27

5.25%

          4,812

 

100% Interest in Unified Housing of Sendero Ridge, LLC

 

     Unified Housing Foundation, Inc. (Timbers of Terrell) (1)

12/27

5.25%

          1,323

 

100% Interest in Unified Housing of Terrell, LLC

 

     Unified Housing Foundation, Inc. (Tivoli) (1)

12/27

5.25%

          7,966

 

100% Interest in Unified Housing of Tivoli, LLC

 

     Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1)

12/27

5.25%

          2,485

 

100% Interest in Unified Housing of Harvest Hill I, LLC

 

     Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1)

12/27

5.25%

          2,555

 

100% Interest in Unified Housing of Harvest Hill, LLC

 

     Unified Housing Foundation, Inc. (Trails at White Rock) (1)

12/27

5.25%

          3,815

 

100% Interest in Unified Housing of Harvest Hill III, LLC

 

     Unified Housing Foundation, Inc.(1)

12/12

5.00%

          6,000

 

Unsecured

 

 

     Realty Advisors Management, Inc. (1)

12/16

4.00%

        20,387

 

Unsecured

 

 

     One Realco Corporation - ART Sale (1)

01/17

3.00%

        10,000

 

Unsecured

 

 

     Accrued interest

 

 

         5,864

 

 

 

Total Performing

 

 

 $ 118,710

 

 

 

 

 

 

 

 

 

 

 

Non-Performing loans:

 

 

 

 

 

 

 

Dallas Fund XVII L.P. (2)

10/09

9.00%

  1,432

 

Unsecured

 

 

Leman Development, Ltd. 

07/11

7.00%

  1,500

 

Unsecured

 

 

Tracy Suttles 

12/11

0.00%

 1,077

 

Unsecured  

 

 

Miscellaneous non-related party notes 

Various

Various

1,526

 

Various secured interest

 

 

Accrued interest 

 

 

  373

 

 

 

Total Non-Performing

 

 

 $     5,908

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for estimated losses 

 

 

  (23,383)

 

 

 

Total

 

 

 $ 101,235

 

 

 

 

 

 

 

 

 

 

 

 

 (1) Related party notes

 

 

 

 

 

 

 

 

 

 

 (2) Note matured and an allowance was taken for estimated losses at full value of note