Annual report pursuant to Section 13 and 15(d)

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Assets:    
Cash $ 954,223 $ 1,561,863
Escrow deposits 111,189 0
Mortgages receivable 62,166,937 32,521,588
Mortgages receivable affiliate 1,104,022 1,229,022
Interest and fees receivable 645,493 478,928
Other receivables 234,570 182,842
Due from borrowers 451,795 81,911
Prepaid expenses 4,520 0
Property and equipment, net 501,819 397,448
Real estate owned 1,224,409 1,222,454
Pre-offering costs 0 625,890
Deferred financing costs 95,560 67,475
Total assets 67,494,537 38,369,421
Liabilities:    
Line of credit 9,841,613 8,113,943
Mortgage payable 301,101 310,000
Accounts payable and accrued expenses 390,758 196,086
Security deposit held 2,550 800
Advances from borrowers 519,764 291,875
Due to member 0 656,296
Due to note purchaser 723,478 0
Deferred revenue 1,108,400 290,456
Accrued interest 40,592 24,350
Total liabilities 12,928,256 9,883,806
Shareholders’/members’ equity:    
Preferred shares - $.001 par value; 5,000,000 shares authorized; no shares issued 0 0
Common shares - $.001 par value; 50,000,000 shares authorized; 15,415,737 issued and outstanding 15,416 0
Paid-in capital 53,315,772 0
Members’ equity 0 28,485,615
Retained earnings 1,235,093
Total shareholders’/members’ equity 54,566,281 28,485,615
Total liabilities and shareholders’/members’ equity $ 67,494,537 $ 38,369,421