Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 30, 2020 | |
| Related Party Transactions | |
| Related Party Transactions |
10. Related Party Transactions In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans is consistent with Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of September 30, 2020, and 2019, loans to known shareholders totaled $4,626,665 and $5,703,655, respectively. Interest income earned on these mortgage loans for the three- and nine-months ended September 30, 2020 was $129,956 and $397,293, respectively. Interest income earned on these mortgage loans for the three- and nine-months ended September 30, 2019 was $143,061 and $365,784, respectively. For each of the nine-month periods ended September 30, 2020 and 2019, the wife of the Company’s chief executive officer was paid $75,000 for accounting and financial reporting services provided to the Company. |