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NOTES AND INTEREST RECEIVABLE | 12 Months Ended
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Dec. 31, 2015
Receivables [Abstract] |
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 (dollars in thousands).
|  | Maturity |  | Interest |  |  |  |  |
Borrower |  | Date |  | Rate |  | Amount |  | Security
Performing loans: |  |  |  |  |  |  |  |  |
H198, LLC (Las Vegas Land) |  | 01/20 |  | 12.00% |  |  | 5,907 |  | Secured
Leman Development, Ltd (2) |  | N/A |  | 0.00% |  |  | 1,500 |  | Unsecured
One Realco Corporation (1,2) |  | 01/17 |  | 3.00% |  |  | 7,000 |  | Unsecured
Realty Advisors Management, Inc. (1) |  | 12/16 |  | 2.28% |  |  | 20,387 |  | Unsecured
Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1) |  | 12/32 |  | 12.00% |  |  | 2,097 |  | Secured
Unified Housing Foundation, Inc. (Echo Station) (1) |  | 12/32 |  | 12.00% |  |  | 1,481 |  | Secured
Unified Housing Foundation, Inc. (Inwood on the Park) (1) |  | 12/32 |  | 12.00% |  |  | 5,059 |  | Secured
Unified Housing Foundation, Inc. (Kensington Park) (1) |  | 12/32 |  | 12.00% |  |  | 3,933 |  | Secured
Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  | 12/32 |  | 12.00% |  |  | 2,000 |  | Secured
Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  | 12/32 |  | 12.00% |  |  | 9,100 |  | Secured
Unified Housing Foundation, Inc. (Limestone Canyon) (1) |  | 12/32 |  | 12.00% |  |  | 2,653 |  | Secured
Unified Housing Foundation, Inc. (Limestone Canyon) (1) |  | 12/32 |  | 12.00% |  |  | 4,640 |  | Secured
Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  | 12/32 |  | 12.00% |  |  | 1,953 |  | Secured
Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  | 12/32 |  | 12.00% |  |  | 6,000 |  | Secured
Unified Housing Foundation, Inc. (Parkside Crossing) (1) |  | 12/32 |  | 12.00% |  |  | 2,272 |  | Secured
Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1) |  | 12/32 |  | 12.00% |  |  | 2,485 |  | Secured
Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1) |  | 12/32 |  | 12.00% |  |  | 2,555 |  | Secured
Unified Housing Foundation, Inc. (Sendero Ridge) (1) |  | 12/32 |  | 12.00% |  |  | 4,491 |  | Secured
Unified Housing Foundation, Inc. (Sendero Ridge) (1) |  | 12/32 |  | 12.00% |  |  | 4,812 |  | Secured
Unified Housing Foundation, Inc. (Timbers of Terrell) (1) |  | 12/32 |  | 12.00% |  |  | 1,323 |  | Secured
Unified Housing Foundation, Inc. (Tivoli) (1) |  | 12/32 |  | 12.00% |  |  | 7,966 |  | Secured
Unified Housing Foundation, Inc. (Trails at White Rock) (1) |  | 12/32 |  | 12.00% |  |  | 3,815 |  | Secured
Unified Housing Foundation, Inc. (1) |  | 06/17 |  | 12.00% |  |  | 1,261 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 12/17 |  | 12.00% |  |  | 1,207 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 12/18 |  | 12.00% |  |  | 3,994 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 12/18 |  | 12.00% |  |  | 6,407 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 12/15 |  | 12.00% |  |  | 2,665 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 12/16 |  | 12.00% |  |  | 3,657 |  | Unsecured
Other related party notes |  | Various |  | Various |  |  | 1,349 |  | Various secured interests
Other related party notes |  | Various |  | Various |  |  | 1,420 |  | Various unsecured interests
Other non-related party notes |  | Various |  | Various |  |  | 3,166 |  | Various secured interests
Other non-related party notes |  | Various |  | Various |  |  | 503 |  | Various unsecured interests
Accrued interest |  |  |  |  |  |  | 8,222 |  |
Total Performing |  |  |  |  |  | $ | 137,280 |  |
Allowance for estimated losses |  |  |  |  |  |  | (17,037 | ) |
Total |  |  |  |  |  | $ | 120,243 |  |
| (1) | Related party notes
| (2) | An allowance was taken for estimated losses at full value of note.
As of December 31, 2015, the obligors on $118 million or 91.4% of the mortgage notes receivable portfolio were due from related parties. The Company recognized $10.9 million of interest income from these related party notes receivables. As of December 31, 2015 none of the mortgage notes receivable portfolio were non-performing. The Company has various notes receivable from Unified Housing foundation, Inc. (“UHF”). UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired.

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e4975-111524 + Details
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