Quarterly report pursuant to Section 13 or 15(d)

Real Estate Owned

v3.22.1
Real Estate Owned
3 Months Ended
Mar. 31, 2022
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, 2022 and March 31, 2021, real estate owned totaled $6,312,818 and $8,624,044, respectively , with no valuation allowance. For the three months ended March 31, 2022, the Company recorded an impairment loss of $155,500 compared to an impairment loss of $25,000 in 2021.

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.As of March 31, 2021, real estate owned included $1,381,687 of real estate held for rental and $7,242,357 of real estate held for sale.

Properties Held for Sale

During the three months ended March 31, 2022, the Company sold a property held for sale and recognized an aggregate loss of $65,838. During the three months ended March 31, 2021, the Company sold a property classified as real estate held for sale, receiving approximately $371,000 in gross proceeds. The Company recognized a loss of $2,134 on the sale.

Properties Held for Rental

As of March 31, 2022, one property, a commercial building, was held for rental. The tenant signed a 5 year lease that commenced on August 1, 2021.

Rental payments due from real estate held for rental are as follows:

Year ending December 31, 2022

    

$

53,200

Year ending December 31, 2023

 

53,200

Year ending December 31, 2024

 

53,200

Year ending December 31, 2025

53,200

Total

$

212,800