Related Party Transactions
|6 Months Ended|
Jun. 30, 2021
|Related Party Transactions|
|Related Party Transactions||
9. 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 June 30, 2021, and 2020, loans to known shareholders totaled $10,153,291 and $6,141,356, respectively. Interest income earned on these loans for the six months ended June 30, 2021 and 2020 totaled $416,965 and $344,385, respectively, and for the three months ended June 30, 2021 and 2020 totaled $246,006 and $168,414, respectively.
For the six-month periods ended June 30, 2021 and 2020, the wife of the Company’s chief executive officer was paid $56,385 and $50,000, respectively, for accounting and financial reporting services provided to the Company. For the three months ended June 30, 2021 and 2020, the corresponding amounts were $28,206 and $25,000, respectively.
The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef