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1. Organization and Summary of Significant Accounting Policies: Deferred Loan Costs (Policies)
9 Months Ended
Sep. 30, 2014
Policies  
Deferred Loan Costs

Deferred Loan Costs

 

Deferred loan costs are amortized over the life of the related loan using the straight-line method which approximates the effective interest method.  Amortization expense for the three month periods ended September 30, 2014 and 2013 totaled $12,186 and $10,646, respectively.  For the nine month period ended September 30, 2014, it was $36,557 and for the period from March 13, 2013 (date of inception) through September 30, 2013, it was $23,066.  Accumulated amortization totaled $100,431 and $63,874 as of September 30, 2014 and December 31, 2013, respectively.  Deferred loan cost amortization is included as a component of interest expense in the consolidated statements of operations.