Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

v3.19.1
Commitments and Contingencies
3 Months Ended
Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Disclosure [Text Block]
8.
Commitments and Contingencies
 
Origination Fees
 
Loan origination fees consist of points, generally 2%-5% of the original loan principal. These payments are amortized over the life of the loan for financial statement purposes.
 
Original maturities of deferred revenue are as follows as of:
 
March 31,
 
 
 
2019
 
$
796,839
 
2020
 
 
211,853
 
2021
 
 
18,700
 
Total
 
$
1,027,392
 
 
In instances in which mortgages are repaid before their maturity date, the balance of any unamortized deferred revenue is recognized in full.
 
Unfunded Commitments
 
At March 31, 2019, the Company is committed to an additional $5,632,837 in construction loans that can be drawn by the borrower when certain conditions are met.
 
Other
 
In the normal course of its business, the Company is named as a party-defendant because it is a mortgagee having interests in real properties that are being foreclosed upon, primarily resulting from unpaid property taxes. The Company actively monitors these actions and in all cases, there remains sufficient value in the subject property to assure that no loan impairment exists.