XML 23 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900
NOTES AND INTEREST RECEIVABLE
 12 Months Ended
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.