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NOTES AND INTEREST RECEIVABLE | 6 Months Ended
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Jun. 30, 2020
Receivables [Abstract] |
NOTES AND INTEREST RECEIVABLE | NOTE 5. 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 guarantees, 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. Below is a summary of our notes receivable as of June 30, 2020 (dollars in thousands):
|  | Maturity |  | Interest |  |  |  |  |
Borrower |  | Date |  | Rate |  |  | Amount |  | Security
Performing loans: |  |  |  |  |  |  |  |  |
Prospectus Endeavors 4, LLC |  | 01/23 |  | 12.00% |  |  | 5,907 |  | Secured
Prospectus Endeavors 6, LLC |  | 10/22 |  | 12.00% |  |  | 496 |  | Secured
Oulan-Chikh Family Trust |  | 03/21 |  | 8.00% |  |  | 174 |  | Secured
H198, LLC (McKinney Ranch Land) |  | 09/20 |  | 6.00% |  |  | 4,554 |  | Secured
Forest Pines |  | 11/20 |  | 5.00% |  |  | 2,869 |  | Secured
Spyglass Apartments of Ennis, LP |  | 11/20 |  | 5.00% |  |  | 5,336 |  | Secured
Bellwether Ridge |  | 11/20 |  | 5.00% |  |  | 3,855 |  | Secured
Parc at Windmill Farms |  | 11/20 |  | 5.00% |  |  | 7,929 |  | Secured
Autumn Breeze Apts |  | 10/21 |  | 5.00% |  |  | 1,638 |  | Secured
Plum Tree |  | 10/21 |  | 5.00% |  |  | 658 |  | Secured
Ingleside |  | 12/21 |  | 5.00% |  |  | 2,181 |  | Secured
RNC |  | 09/24 |  | 5.00% |  |  | 8,853 |  | Secured
Revolving Line of Credit Steeple Crest |  | 10/20 |  | 5.00% |  |  | 6,665 |  | 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% |  |  | 3,639 |  | Secured
Unified Housing Foundation, Inc. (Kensington Park) (1) |  | 12/32 |  | 12.00% |  |  | 3,934 |  | 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% |  |  | 6,369 |  | Secured
Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  | 12/32 |  | 12.00% |  |  | 2,732 |  | 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% |  |  | 2,000 |  | Secured
Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  | 12/32 |  | 12.00% |  |  | 4,000 |  | Secured
Unified Housing Foundation, Inc. (Timbers of Terrell) (1) |  | 12/32 |  | 12.00% |  |  | 1,323 |  | Secured
Unified Housing Foundation, Inc. (1) |  | 12/21 |  | 12.00% |  |  | 10,401 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 03/21 |  | 12.00% |  |  | 5,314 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 03/22 |  | 12.00% |  |  | 4,782 |  | Unsecured
Unified Housing Foundation, Inc. (Lakeshore Villas) (1) |  | 07/21 |  | 12.00% |  |  | 838 |  | Secured
Unified Housing Foundation, Inc. (Limestone Ranch) (1) |  | 07/21 |  | 12.00% |  |  | 773 |  | Secured
Unified Housing Foundation, Inc. (Marquis at Vista Ridge) (1) |  | 07/21 |  | 12.00% |  |  | 839 |  | Secured
Unified Housing Foundation, Inc. (Timbers at the Park) (1) |  | 07/21 |  | 12.00% |  |  | 432 |  | Secured
Unified Housing Foundation, Inc. (Bella Vista) (1) |  | 08/21 |  | 12.00% |  |  | 212 |  | Secured
Unified Housing Foundation, Inc. (1) |  | 10/21 |  | 12.00% |  |  | 6,831 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 12/32 |  | 12.00% |  |  | 497 |  | Unsecured
Unified Housing Foundation, Inc. (1) |  | 05/23 |  | 12.00% |  |  | 3,615 |  | Unsecured
RAH/PFBL 2020 Advisory Fee |  | 03/23 |  | 12.00% |  |  | 61 |  | Secured
RAI/UHF RWR I&II, Tivoli |  | 03/23 |  | 12.00% |  |  | 1,482 |  | Secured
RAI/UHF 2020 Advisory Fee |  | 03/23 |  | 12.00% |  |  | 4,792 |  | Secured
RAI/UHF Trails of WR Sale |  | 03/23 |  | 12.00% |  |  | 716 |  | Secured
RAI/FBH 2020 Advisory Fee |  | 03/23 |  | 12.00% |  |  | 317 |  | Secured
Realty Advisors Management, Inc. (1) |  | 12/22 |  | 2.28% |  |  | 20,387 |  | Unsecured
One Realco Corporation |  | 01/23 |  | 3.00% |  |  | 7,000 |  | Unsecured
Other related party notes (1) (2) |  | Various |  | Various |  |  | 4,078 |  | Various secured interests
Other non-related party notes |  | Various |  | Various |  |  | 11,724 |  | Various secured interests
Accrued interest |  |  |  |  |  |  | 14,509 |  |
Total Performing |  |  |  |  |  |  | 180,146 |  |
Allowance for estimated losses |  |  |  |  |  |  | (12,557) |  |
Total |  |  |  |  |  | $ | 167,589 |  |
| (1) | Related party notes
| (2) | An allowance was taken for estimated losses at full value of note.
We invest in mortgage loans, secured by mortgages that are subordinate to one or more prior liens either on the fee or a leasehold interest in real estate. Recourse on such loans ordinarily includes the real estate on which the loan is made, other collateral and guarantees. At June 30, 2020, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $98.2 million and recognized interest income of $4.4 million related to these notes receivables. During the quarter just ended, the Company collected $4.7 million and purchased from a related party $10.9 million of notes receivables with an interest rate of 12% and maturity date of March 2023. 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 principal balance at the time of the acquisition.

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- Definition The entire disclosure for financing receivable. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2196816 + Details
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