Quarterly report pursuant to Section 13 or 15(d)

Finance Receivables - Original Product

v3.10.0.1
Finance Receivables - Original Product
9 Months Ended
Sep. 30, 2018
Original Product [Member]  
Finance Receivables

Note 2. Finance Receivables – Original Product

The Company’s original funding product provides financing to community associations only up to the secured or “Super Lien Amount” as discussed in Note 1.  Finance receivables for the original product based on the year of funding are approximately as follows:

 

 

 

September 30, 2018

 

 

December 31, 2017 (Audited)

 

Funded during the current year

 

$

45,000

 

 

$

118,000

 

1-2 years outstanding

 

 

51,000

 

 

 

38,000

 

2-3 years outstanding

 

 

25,000

 

 

 

12,000

 

3-4 years outstanding

 

 

8,000

 

 

 

24,000

 

Greater than 4 years outstanding

 

 

516,000

 

 

 

640,000

 

 

 

 

645,000

 

 

 

832,000

 

Reserve for credit losses

 

 

(180,000

)

 

 

(194,000

)

 

 

$

465,000

 

 

$

638,000

 

Number of active units with delinquent assessments

 

 

896

 

 

 

1,162

 

Amount of outstanding interest and late fees on

   active units

 

$

13,264,000

 

 

$

14,600,000