Real Estate Owned - Activity of the Company's real estate owned (Details) - USD ($) |
12 Months Ended | |
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Dec. 31, 2022 |
Dec. 31, 2021 |
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Real Estate Owned | ||
Real estate owned at beginning of period | $ 6,559,010 | $ 8,861,609 |
Transfers to real estate owned | 1,376,733 | 685,700 |
Charges and improvements to real estate owned | 126,442 | 296,173 |
Proceeds from sale of real estate owned | (2,090,879) | (2,399,557) |
Impairment of real estate owned | (799,909) | (719,000) |
Loss on sale of real estate | 44,752 | (165,915) |
Balance at end of period | $ 5,216,149 | $ 6,559,010 |
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- Definition The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The charge against earnings in the period to reduce the carrying amount of real property to fair value. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of cash outflow to acquire investments classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Value transferred from mortgage loans to real estate owned (REO) in noncash transactions. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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