Real Estate Owned
|3 Months Ended|
Mar. 31, 2023
|Real Estate Owned|
|Real Estate Owned||
5. Real Estate Owned
Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned.
As of March 31, 2023 and March 31, 2022, real estate owned totaled $6,138,912 and $6,312,818, respectively, with no valuation allowance. During the three months ended March 31, 2023, the Company recorded an impairment loss of $-0- compared to an impairment loss of $155,500 during the three months ended March 31, 2022.
As of March 31, 2023, real estate owned included $813,090 of real estate held for rental and $5,325,822 of real estate held for sale. As of March 31, 2022, real estate owned included $799,533 of real estate held for rental and $5,513,285 of real estate held for sale.
Properties Held for Sale
During the three months ended March 31, 2023, the Company sold two properties held for sale and recognized an aggregate gain of $148,100. During the three months ended March 31, 2022, the Company sold a property held for sale and recognized an aggregate loss of $65,838.
Properties Held for Rental
As of March 31, 2023, one property, a commercial building, was held for rental. The tenant signed a five-year lease that commenced on August 1, 2021.
Rental payments due from real estate held for rental are as follows:
The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef