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NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

3 Months Ended

Mar. 31, 2019

Receivables [Abstract]

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

NOTE 2. NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

Notes and interest receivable from related parties is comprised of junior mortgage loans, which are loans secured by mortgages that are subordinate to one or more prior liens on the underlying real estate. Recourse on the loans ordinarily includes the real estate which secures the loan, other collateral and personal guarantees of the borrower.

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.

At March 31, 2019, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $13.6 million. As of March 31, 2019, we recognized interest income of $442 thousand related to these notes receivable. Below is a summary of notes and interest receivable from related parties (dollars in thousands):

Borrower		Maturity Date		Interest Rate				Amount				Collateral
Performing loans:
Unified Housing Foundation, Inc. (Echo Station)		12/32			12.00	%		$	1,481			Secured
Unified Housing Foundation, Inc. (Lakeshore Villas)		12/32			12.00	%			2,000			Secured
Unified Housing Foundation, Inc. (Lakeshore Villas)		12/32			12.00	%			6,369			Secured
Unified Housing Foundation, Inc. (Limestone Ranch)		12/32			12.00	%			1,953			Secured
Unified Housing Foundation, Inc. (Timbers of Terrell)		12/32			12.00	%			1,323			Secured
Total Notes Receivable									13,126
Accrued interest									442
Total Performing								$	13,568

All are related party notes.

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- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References

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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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