Quarterly report pursuant to Section 13 or 15(d)

Finance Receivables - Original Product

v3.21.2
Finance Receivables - Original Product
9 Months Ended
Sep. 30, 2021
Original Product [Member]  
Finance Receivables – Original Product

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 as of September 30, 2021 and December 31, 2020 based on the year of funding are approximately as follows:

 

 

 

September 30, 2021

 

 

December 31,

2020 (Audited)

 

Funded during the current year

 

$

16,000

 

 

$

25,000

 

1-2 years outstanding

 

 

6,000

 

 

 

12,000

 

2-3 years outstanding

 

 

4,000

 

 

 

9,000

 

3-4 years outstanding

 

 

5,000

 

 

 

12,000

 

Greater than 4 years outstanding

 

 

137,000

 

 

 

200,000

 

 

 

 

168,000

 

 

 

258,000

 

Reserve for credit losses

 

 

(90,000

)

 

 

(142,000

)

 

 

$

78,000

 

 

$

116,000