Related Party Transactions |
9 Months Ended |
|---|---|
Sep. 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 September 30, 2021, and 2020, loans to known shareholders totaled $13,200,972 and $4,626,665, respectively. Interest income earned on these loans for the nine months ended September 30, 2021 and 2020 totaled $573,446 and $397,293, respectively, and for the three months ended September 30, 2021 and 2020 totaled $252,050 and $129,956, respectively. The wife of the Company’s chief executive officer is employed by the Company in the accounting and finance department. For the nine-month periods ended September 30, 2021 and 2020, she received $85,634 and $75,000, respectively, as compensation from the Company. For the three months ended September 30, 2021 and 2020, the corresponding amounts were $29,250 and $25,000, respectively. |