Quarterly report pursuant to Section 13 or 15(d)

Finance Receivables - Original Product

v3.20.1
Finance Receivables - Original Product
 3 Months Ended
Mar. 31, 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 March 31, 2020 and December 31, 2019 based on the year of funding are approximately as follows:

 

 

 

March 31, 2020

 

 

December 31,

2019 (Audited)

 

Funded during the current year

 

$

11,900

 

 

$

40,000

 

1-2 years outstanding

 

 

27,100

 

 

 

15,000

 

2-3 years outstanding

 

 

13,300

 

 

 

20,000

 

3-4 years outstanding

 

 

19,800

 

 

 

11,000

 

Greater than 4 years outstanding

 

 

285,600

 

 

 

300,000

 

 

 

 

357,700

 

 

 

386,000

 

Reserve for credit losses

 

 

(112,000

)

 

 

(112,000

)

 

 

$

245,700

 

 

$

274,000

 

Number of active units with delinquent assessments

 

 

561

 

 

 

598

 

Amount of outstanding interest and late fees on active units

 

$

8,793,000

 

 

$

9,167,000