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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
 12 Months Ended
Dec. 31, 2014
MORTGAGE LOANS ON REAL ESTATE  
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate
December 31, 2014
(Dollars in thousands, except footnotes)

Conventional Loans—States 2% or greater(1):

                                                                                                                                                                                    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
amount of
loan subject
to delinquent
principal or
"interest"

 

 

 

 

 

Size of Loans

 

 

 

 

 

 

 

 

 

Number of
Loans

 

 

 

 

 

Carrying
Amount of
Mortgages

 

Geographic Dispersion
of Collateral

 

From

 

To

 

Interest Rate(2)

 

Final Maturity Date

 

Texas(3)

 

 
22 

 

$

—

 

$
2,000 

 

2.98% to 10.78%

 

1/21/15 - 8/16/31

 

$
15,188 

 

$

—

 

Virginia

 

 
8 

 

$
500 

 

$
3,900 

 

3.23% to 7.50%

 

2/25/19 - 7/22/33

 

 
13,266 

 

 

—

 

Arizona

 

 
7 

 

$
200 

 

$
3,100 

 

3.23% to 9.40%

 

7/8/19 - 5/2/33

 

 
9,848 

 

 

—

 

Michigan

 

 
6 

 

$
600 

 

$
2,900 

 

3.11% to 7.25%

 

2/10/26 - 5/10/33

 

 
7,244 

 

 

—

 

North Carolina

 

 
10 

 

$
300 

 

$
1,400 

 

3.73% to 9.85%

 

12/20/16 - 12/27/33

 

 
7,119 

 

 

—

 

Ohio

 

 
5 

 

$
600 

 

$
1,800 

 

3.23% to 10.23%

 

11/25/19 - 4/21/28

 

 
6,310 

 

 

—

 

Alabama

 

 
6 

 

$
200 

 

$
1,900 

 

3.75% to 9.50%

 

1/20/15 - 10/1/26

 

 
5,620 

 

 

—

 

Oregon

 

 
5 

 

$
100 

 

$
2,700 

 

4.48% to 9.90%

 

2/2/18 - 5/13/30

 

 
5,490 

 

 

—

 

Indiana

 

 
5 

 

$
300 

 

$
2,100 

 

4.23% to 8.25%

 

3/15/15 - 2/26/32

 

 
5,382 

 

 

—

 

Pennsylvania

 

 
3 

 

$
600 

 

$
2,900 

 

4.23% to 10.25%

 

6/22/20 - 8/1/32

 

 
5,254 

 

 

—

 

Florida

 

 
4 

 

$
100 

 

$
1,800 

 

3.36% to 7.50%

 

11/1/25 - 2/5/33

 

 
4,040 

 

 

—

 

Georgia

 

 
6 

 

$
100 

 

$
1,200 

 

3.73% to 10.25%

 

12/26/17 - 12/1/29

 

 
3,408 

 

 

—

 

California

 

 
4 

 

$
100 

 

$
1,400 

 

3.98% to 9.00%

 

3/22/22 - 12/13/26

 

 
3,173 

 

 

—

 

Iowa

 

 
3 

 

$
300 

 

$
1,500 

 

4.23% to 6.95%

 

9/30/19 - 5/30/26

 

 
2,798 

 

 

—

 

Missouri

 

 
4 

 

$
200 

 

$
1,100 

 

4.23% to 8.25%

 

6/27/16 - 12/15/25

 

 
2,579 

 

 

—

 

Other

 

 
16 

 

$
100 

 

$
2,000 

 

2.73% to 9.78%

 

3/19/17 - 3/21/33

 

 
12,143 

 

 

—  

 

​

​

​  

​  

​

​

​

​

​

​

​

​

​

​

​

​  

​  

​

​  

​  

​

 

 

 
114 

 

 

 

 

 

 

 

 

 

 

 

$
108,862 

(3)

$

—  

 

​

​

​  

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​

​

​

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​

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(1)

There are two loans which are secured by second liens on the properties which are subordinated to our first liens on the properties.

(2)

Our loans have both variable and fixed rates of interest. The carrying amount of mortgages with a fixed rate of interest was $25,384,000. Certain loans at variable interest rates have interest rate floors which may be in effect.

(3)

For Federal income tax purposes, the cost basis of our mortgage loans on real estate was approximately $131,266,000 (unaudited).

SBA 7(a) Loans—States 2% or greater(1):  

                                                                                                                                                                                    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal
amount of
loans subject
to delinquent
principal or
"interest"

 

 

 

 

 

Size of
Loans

 

 

 

 

 

 

 

 

 

Number of
Loans

 

 

 

 

 

Carrying
Amount of
Mortgages(3)

 

Geographic Dispersion
of Collateral

 

From

 

To

 

Interest Rate(2)

 

Final Maturity Date

 

Michigan

 

 
22 

 

$
10 

 

$
890 

 

5.25% to 6.00%

 

12/28/17 - 4/2/40

 

$
6,167 

 

$

—

 

Ohio

 

 
22 

 

$
10 

 

$
710 

 

5.00% to 6.00%

 

10/16/20 - 3/25/40

 

 
5,873 

 

 

—

 

Texas(4)

 

 
28 

 

$

—

 

$
680 

 

4.13% to 6.00%

 

1/23/17 - 10/31/38

 

 
3,325 

 

 

—

 

Virginia

 

 
10 

 

$
150 

 

$
740 

 

6.00%

 

9/6/36 - 11/12/39

 

 
3,058 

 

 

—

 

Florida

 

 
10 

 

$
10 

 

$
650 

 

5.25% to 6.00%

 

6/19/19 - 11/26/39

 

 
2,554 

 

 

—

 

Kentucky

 

 
6 

 

$
110 

 

$
530 

 

6.00%

 

4/9/35 - 10/27/39

 

 
1,688 

 

 

—

 

Indiana

 

 
9 

 

$

—

 

$
370 

 

4.75% to 6.00%

 

11/19/19 - 2/10/40

 

 
1,508 

 

 

—

 

Wisconsin

 

 
7 

 

$
10 

 

$
380 

 

5.00% to 6.00%

 

4/23/20 - 7/17/38

 

 
1,401 

 

 

—

 

Illinois

 

 
5 

 

$
70 

 

$
380 

 

5.75% to 6.00%

 

9/17/35 - 9/8/39

 

 
1,316 

 

 

—

 

Missouri

 

 
6 

 

$

—

 

$
460 

 

5.25% to 6.00%

 

4/16/18 - 4/14/39

 

 
1,194 

 

 

—

 

North Carolina

 

 
5 

 

$
100 

 

$
330 

 

5.75% to 6.00%

 

9/8/32 - 5/6/38

 

 
1,193 

 

 

—

 

Arizona

 

 
5 

 

$
30 

 

$
470 

 

5.75% to 6.00%

 

1/12/33 - 3/31/39

 

 
945 

 

 

—

 

Iowa

 

 
4 

 

$
130 

 

$
500 

 

4.92% to 6.00%

 

12/22/35 - 1/28/39

 

 
941 

 

 

—

 

Alabama

 

 
4 

 

$
50 

 

$
490 

 

5.00% to 6.00%

 

7/27/25 - 8/25/36

 

 
903 

 

 

—

 

Tennessee

 

 
2 

 

$
330 

 

$
490 

 

5.50% to 6.00%

 

3/24/39 - 4/14/39

 

 
811 

 

 

—

 

Georgia

 

 
5 

 

$
60 

 

$
260 

 

5.13% to 6.00%

 

5/23/20 - 9/8/39

 

 
769 

 

 

—

 

Other(5)

 

 
32 

 

$

—

 

$
570 

 

4.75% to 6.00%

 

6/15/16 - 11/16/39

 

 
4,299 

 

 

—

 

Government guaranteed portions(6)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
3,619 

 

 

 

 

SBA 7(a) loans, subject to secured borrowings(7)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
38,739 

 

 

 

 

​

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​

​

​

​

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​

​

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​  

​

​  

​  

​

 

 

 
182 

 

 

 

 

 

 

 

 

 

 

 

$
80,303 

(8)

$

—  

 

​

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(1)

Includes approximately $224,000 of loans not secured by real estate. Also includes $242,000 of loans with subordinate lien positions.

(2)

Interest rates are variable at spreads over the prime rate unless otherwise noted.

(3)

Excludes general reserves of $113,000.

(4)

Includes a loan with a face value of $48,000 and a fixed interest rate of 6.00%. Also includes a loan with a face value of $68,000 and a fixed interest rate of 6.00%.

(5)

Includes a loan with a face value of $466,000 and a valuation reserve of $26,000. Also includes a loan with a face value of $334,000 and a fixed interest rate of 5.00%.

(6)

Represents the government guaranteed portions of our SBA 7(a) loans detailed above. As there is no risk of loss to us related to these portions of the guaranteed loans, the geographic information is not presented as it is not meaningful.

(7)

Represents the guaranteed portion of loans which were sold with the proceeds received from the sale reflected as secured borrowings.

(8)

For Federal income tax purposes, the cost basis of our loans was approximately $39,445,000 (unaudited).

Schedule IV—Mortgage Loans on Real Estate
December 31, 2014
(Dollars in thousands)

                                                                                                                                                                                    

Balance at March 11, 2014(1)

 

$
207,140

 

Additions during period:

 

 

 

 

New mortgage loans

 

 
50,971

 

Other—deferral for collection of commitment fees, net of costs

 

 
634

 

Other—accretion of loan fees and discounts

 

 
5,442

 

Deductions during period:

 

 

 

 

Collections of principal

 

 
(49,373

)

Foreclosures

 

 
(1,098

)

Cost of mortgages sold, net

 

 
(24,522

)

Other—bad debt expense, net of recoveries

 

 
(142

)

​

​

​  

​  

​

Balance at December 31, 2014

 

$
189,052

 

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(1)

In connection with the Merger, we acquired loans receivable which were recorded at fair value.