Quarterly report pursuant to Section 13 or 15(d)

Finance Receivables - Original Product (Tables)

v3.20.2
Finance Receivables - Original Product (Tables)
6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Schedule of Finance Receivables for 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 June 30, 2020 and December 31, 2019 based on the year of funding are approximately as follows:

 

 

 

June 30, 2020

 

 

December 31,

2019 (Audited)

 

Funded during the current year

 

$

14,000

 

 

$

40,000

 

1-2 years outstanding

 

 

16,000

 

 

 

15,000

 

2-3 years outstanding

 

 

9,000

 

 

 

20,000

 

3-4 years outstanding

 

 

18,000

 

 

 

11,000

 

Greater than 4 years outstanding

 

 

267,000

 

 

 

300,000

 

 

 

 

324,000

 

 

 

386,000

 

Reserve for credit losses

 

 

(112,000

)

 

 

(112,000

)

 

 

$

212,000

 

 

$

274,000

 

Number of active units with delinquent assessments

 

 

511

 

 

 

598

 

Amount of outstanding interest and late fees on active units

 

$

8,727,000

 

 

$

9,167,000