Commitments and Contingencies |
3 Months Ended | ||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Text Block] |
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:
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. |