Quarterly report pursuant to Section 13 or 15(d)

Finance Receivables - Original Product

v3.20.2
Finance Receivables - Original Product
9 Months Ended
Sep. 30, 2020
Original Product [Member]  
Finance Receivables

Note 3. 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 as of September 30, 2020 and December 31, 2019 based on the year of funding are approximately as follows:

 

 

September 30, 2020

 

 

December 31,

2019 (Audited)

 

Funded during the current year

 

$

16,000

 

 

$

40,000

 

1-2 years outstanding

 

 

14,000

 

 

 

15,000

 

2-3 years outstanding

 

 

9,000

 

 

 

20,000

 

3-4 years outstanding

 

 

17,000

 

 

 

11,000

 

Greater than 4 years outstanding

 

 

256,000

 

 

 

300,000

 

 

 

 

312,000

 

 

 

386,000

 

Reserve for credit losses

 

 

(142,000

)

 

 

(112,000

)

 

 

$

170,000

 

 

$

274,000

 

Number of active units with delinquent assessments

 

 

489

 

 

 

598

 

Amount of outstanding interest and late fees on active units

 

$

8,682,000

 

 

$

9,167,000

 

The Company reserved $30,000 on financing receivables during the three month period ended September 30, 2020.