Quarterly report pursuant to Section 13 or 15(d)

Finance Receivables - Original Product

v3.19.3
Finance Receivables - Original Product
9 Months Ended
Sep. 30, 2019
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, 2019 and December 31, 2018 based on the year of funding are approximately as follows:

 

 

 

September 30,

2019

 

 

December 31,

2018 (Audited)

 

Funded during the current year

 

$

34,000

 

 

$

79,000

 

1-2 years outstanding

 

 

22,000

 

 

 

35,000

 

2-3 years outstanding

 

 

21,000

 

 

 

18,000

 

3-4 years outstanding

 

 

11,000

 

 

 

7,000

 

Greater than 4 years outstanding

 

 

333,243

 

 

 

411,000

 

 

 

 

421,243

 

 

 

550,000

 

Reserve for credit losses

 

 

(112,000

)

 

 

(125,000

)

 

 

$

309,243

 

 

$

425,000

 

Number of active units with delinquent assessments

 

 

638

 

 

 

826

 

Amount of outstanding interest and late fees on active units

 

$

9,931,000

 

 

$

11,268,000