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Mortgages Receivable | 12 Months Ended
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Dec. 31, 2020
Mortgages Receivable |
Mortgages Receivable | 4. Mortgages Receivable The Company offers secured, non-banking loans to real estate owners and investors (also known as “hard money” loans) to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in Connecticut. The loans are secured by first mortgage liens on one or more properties owned by the borrower or related parties. In addition, each loan is personally guaranteed by the borrower or its principals, which guarantees may be collaterally secured as well. The loans are generally for a term of one to three years. The loans are initially recorded and carried thereafter, in the financial statements, at cost. Most of the loans provide for monthly payments of interest only (in arrears) during the term of the loan and a “balloon” payment of the principal on the maturity date. For the years ended December 31, 2020 and 2019, the aggregate amounts of loans funded by the Company were $117,230,923 and $64,742,552, respectively, offset by principal repayments of $54,961,570 and $43,347,362, respectively. As of December 31, 2020, the Company’s mortgage loan portfolio includes loans ranging in size from $2,600 to $10,780,000 with stated interest rates ranging from 5.0% to 13.0% and a default interest rate for non-payment of 18%. At December 31, 2020 and 2019, no single borrower had loans outstanding representing more than 10% of the total balance of the loans outstanding. The Company will agree to extend the term of a loan if, at the time of the extension, the loan and the borrower meets all the Company’s underwriting requirements. The Company treats a loan extension as a new loan. Credit Risk Credit risk profile based on loan activity as of December 31, 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Total
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Outstanding
​ |  | Residential |  | Commercial |  | Land |  | Mixed Use |  | Mortgages
December 31, 2019 | ​ | $ | 71,605,920 | ​ | $ | 16,122,990 | ​ | $ | 5,639,979 | ​ | $ | 979,800 | ​ | $ | 94,348,689
December 31, 2020 | ​ | $ | 112,240,129 | ​ | $ | 33,548,683 | ​ | $ | 6,111,670 | ​ | $ | 3,715,818 | ​ | $ | 155,616,300
​ As of December 31, 2020, the following is the maturities of mortgages receivable for the years ending December 31: ​
​ | ​ | ​ | ​
2021 |  | $ | 112,313,184
2022 | ​ |  | 33,433,297
2023 | ​ |  | 9,598,788
2024 | ​ |  | 271,031
Total | ​ | $ | 155,616,300
​ At December 31, 2020, of the 495 mortgage loans in the Company’s portfolio, sixteen were the subject of foreclosure proceedings. The aggregate outstanding principal balance of these and the accrued but unpaid interest and borrower charges as of December 31, 2020 was approximately $3.1 million. In the case of each of these loans, the Company believes the value of the collateral exceeds the outstanding balance on the loan. At December 31, 2019, of the 438 mortgage loans in the Company’s portfolio, nine were the subject of foreclosure proceedings. The aggregate outstanding principal balance of these loans and the accrued but unpaid interest and borrower charges as of December 31, 2019 was approximately $2.8 million. In the case of each of these loans, the Company believes the value of the collateral exceeds the outstanding balance on the loan.

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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding three percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014 + Details
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