Mortgage Loans On Real Estate

12 Months Ended

Dec. 31, 2011

Mortgage Loans On Real Estate [Abstract]

MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2011

(Dollars in thousands, except footnotes)

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

		September 30,		September 30,		September 30,	September 30,	September 30,	September 30,		September 30,			September 30,
													Principal amount
Geographic	Number								Final	Carrying			of loan subject to
Dispersion of	of						Interest Rate		Maturity	Amount of			delinquent principal
Collateral	Loans						Variable	Fixed	Date	Mortgage			or “interest”
			Size of Loans
			From		To
Texas		29	$	0	$	1,000	3.12% to 7.25%	7.00% to 10.78%	11/15/13—8/16/31	$	13,859		$	—
Texas (3)		9	$	1,000	$	2,000	3.12% to 5.25%	7.00% to 10.25%	5/1/21—11/18/30		11,094			1,442
Texas		4	$	2,000	$	3,000	2.87% to 3.62%	NA	11/29/26—6/7/27		9,674			—
Texas		2	$	3,000	$	4,000	3.52% to 4.87%	NA	11/29/26—12/13/27		6,129			—
Arizona		5	$	0	$	1,000	4.37% to 7.50%	9.25% to 9.31%	7/16/13—9/14/31		3,175			—
Arizona		4	$	1,000	$	2,000	4.87%	9.25% to 10.00%	7/8/19—9/29/24		5,289			—
Arizona		2	$	2,000	$	3,000	4.37%	NA	10/13/25—12/21/25		4,651			—
Arizona		1	$	4,000	$	5,000	3.37%	NA	1/30/28		4,595			—
Virginia (4)		2	$	0	$	1,000	7.50%	8.50%	6/1/17—12/30/31		1,526			—
Virginia		2	$	1,000	$	2,000	4.37%	8.90%	11/30/18—2/28/23		2,954			—
Virginia (5)		3	$	2,000	$	3,000	3.50% to 5.75%	NA	1/30/23—3/27/27		7,506			—
Virginia		1	$	5,000	$	6,000	3.37%	NA	1/31/28		5,689			—
Ohio		2	$	0	$	1,000	4.37% to 5.37%	NA	11/8/12—2/16/26		1,018			—
Ohio		2	$	1,000	$	2,000	3.37% to 4.37%	NA	10/27/25—5/4/27		3,045			—
Ohio		3	$	2,000	$	3,000	3.37% to 3.68%	NA	10/30/26—4/21/28		7,807			—
Alabama		3	$	0	$	1,000	3.75%	9.50%	6/15/18—11/21/20		1,670			—
Alabama		1	$	1,000	$	2,000	4.62%	NA	3/1/22		1,628			—
Alabama		2	$	2,000	$	3,000	4.37%	NA	3/1/26—10/1/26		5,096			—
Florida		1	$	0	$	1,000	3.50%	NA	11/1/25		180			—
Florida		2	$	1,000	$	2,000	4.12%	9.40%	9/2/18—10/1/26		2,786			—
Florida		2	$	2,000	$	3,000	3.50%	8.24%	1/1/24—11/1/25		4,938			—
Michigan		3	$	0	$	1,000	3.25% to 4.25%	NA	12/1/12—4/30/27		1,817			—
Michigan		4	$	1,000	$	2,000	3.25% to 7.25%	NA	2/10/26—8/23/30		5,775			—
Oregon		3	$	0	$	1,000	NA	9.00% to 9.90%	2/2/18—6/13/21		1,871			—
Oregon		1	$	2,000	$	3,000	4.62%	NA	9/8/25		2,042			—
Oregon		1	$	3,000	$	4,000	7.25%	NA	5/13/30		3,356			—
North Carolina		4	$	0	$	1,000	3.87% to 4.62%	9.50% to 9.85%	12/20/16—1/23/23		3,331			—
North Carolina		2	$	1,000	$	2,000	4.37% to 4.87%	NA	6/11/21—5/5/23		2,519			-
California		4	$	0	$	1,000	4.37% to 4.62%	8.90% to 9.00%	7/10/18—12/28/24		2,175			—
California		2	$	1,000	$	2,000	4.12% to 4.75%	NA	12/12/26—12/13/26		3,513			—
Georgia		4	$	0	$	1,000	4.25% to 4.62%	9.25% to 10.25%	12/26/17—10/19/21		2,053			—
Georgia		2	$	1,000	$	2,000	3.87%	8.75%	12/14/27—12/1/29		2,936			—
Indiana		2	$	0	$	1,000	4.37%	NA	12/4/22		1,292			—
Indiana		2	$	1,000	$	2,000	3.87% to 8.25%	NA	2/7/23—12/14/31		3,256			—
Utah		3	$	0	$	1,000	4.62% to 7.00%	NA	2/23/18—8/30/35		1,642			—
Utah		1	$	2,000	$	3,000	7.00%	NA	8/30/35		2,274			—
Iowa		1	$	1,000	$	2,000	4.12%	NA	5/30/26		1,472			—
Iowa		1	$	2,000	$	3,000	4.37%	NA	5/12/23		2,233			—
Other		19	$	0	$	1,000	4.37% to 7.25%	8.25% to 10.25%	8/20/14—6/1/32		10,419			—
Other		14	$	1,000	$	2,000	2.87% to 7.00%	8.88% to 9.78%	6/27/16—11/24/27		19,086			—
Other		2	$	2,000	$	3,000	4.12%	10.25%	6/22/20—11/3/25		4,540			—
General Reserve											(957	)
		157								$	180,954	(6)	$	1,442

Footnotes:

(1) Approximately 93.5% of our loans are collateralized by hotels.

(2) There are four loans which are secured by second liens on properties which are subordinated to our first liens on the respective properties.

(3) Includes two loans with a face value of $2,942,000 and valuation reserves of $137,000.

(4) Includes a loan with a face value of $1,050,000 and a valuation reserve of $21,000.

(5) Includes a loan with a face value of $3,179,000 and a valuation reserve of $214,000.

(6) For Federal income tax purposes, the cost basis of our mortgage loans on real estate was approximately $182,987,000 (unaudited).

SCHEDULE IV

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2011

(Dollars in thousands, except footnotes)

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

		September 30,		September 30,		September 30,	September 30,	September 30,		September 30,		September 30,		September 30,
												Principal amount
	Number							Final	Carrying			of loans subject to
	of							Maturity	Amount of			delinquent principal
	Loans						Interest Rate (2)	Date	Mortgages			or “interest”
			Size of Loans
			From		To
Texas (3)		34	$	0	$	500	4.13% to 6.00%	9/29/12—2/8/36	$	2,857			$	126
Ohio		14	$	0	$	500	4.25% to 6.00%	5/11/13—12/29/36		1,639				—
Michigan		14	$	0	$	500	5.25% to 6.00%	9/15/12—12/14/36		1,638				—
North Carolina		5	$	0	$	500	6.00%	9/8/32—2/28/37		1,417				—
Indiana		8	$	0	$	500	4.75% to 6.00%	11/19/19—8/4/36		1,361				—
Georgia		8	$	0	$	500	4.25% to 6.00%	3/16/13—6/25/35		1,188				—
Alabama		4	$	0	$	500	5.00% to 6.00%	7/27/25—8/25/36		1,064				—
Mississippi		3	$	0	$	500	5.75% to 6.00%	5/18/35—11/4/36		1,041				—
Florida		8	$	0	$	500	5.75% to 6.00%	6/12/16—12/29/36		1,033				—
Iowa (4)		3	$	0	$	500	5.75% to 6.00%	11/26/33—11/28/36		736				224
Connecticut		2	$	0	$	1,000	5.13% to 5.63%	12/5/14—11/30/36		713				—
Arizona		5	$	0	$	500	5.75% to 6.00%	10/28/19—4/28/36		665				—
Oklahoma		6	$	0	$	500	4.75% to 6.00%	9/9/24—11/10/35		658				—
Wisconsin		4	$	0	$	500	5.00% to 6.00%	4/23/20—12/16/33		618				—
Kansas		3	$	0	$	500	6.00%	10/29/32—5/4/36		592				—
Missouri		4	$	0	$	500	5.25% to 6.00%	4/16/18—12/14/29		410				—
Other (5)		42	$	0	$	500	4.50% to 6.00%	3/27/14—12/2/36		2,677				34
Government guaranteed portions (6)										3,307				—
Secured borrowings (7)										30,151				—
General Reserve										(292	)
		167							$	53,473	(8)		$	384

Footnotes:

(1) Includes approximately $995,000 of loans not secured by real estate. Also includes $450,000 of loans with subordinate lien positions.

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

(3) Includes a loan with a face value of $564,000, valuation reserves of $72,000, and a fixed interest rate of 5.50%.

(4) Includes a loan with a face value of $1,032,000, valuation reserves of $85,000, and a fixed interest rate of 5.75%.

(5) Includes two loans with a face value of $248,000, valuation reserves of $34,000. Also includes three loans with fixed interest rates of 5.00%, 5.75%, and 6.00%.

(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. excluding deferred cash premiums.

(8) For Federal income tax purposes, the cost basis of our loans was approximately $22,946,000 (unaudited).

SCHEDULE IV

PMC COMMERCIAL TRUST AND SUBSIDIARIES

MORTGAGE LOANS ON REAL ESTATE

AS OF DECEMBER 31, 2011

(In thousands, except footnotes)

	September 30,			September 30,
Balance at December 31, 2008			$	179,807
Additions during period:
New mortgage loans (1)	62,998
Other - non cash change in loan	100
Other - deferral for collection of commitment fees, net of costs	304
Other - accretion of loan fees and discounts	213			63,615
Deductions during period:
Collections of principal	(14,642	)
Foreclosures	(4,948	)
Cost of mortgages sold, net	(26,201	)
Other - bad debt expense, net of recoveries	(989	)		(46,780	)
Balance at December 31, 2009			$	196,642
Additions during period:
New mortgage loans (2)	69,701
Other - deferral for collection of commitment fees, net of costs	324
Other - accretion of loan fees and discounts	317			70,343
Deductions during period:
Collections of principal (3)	(20,999	)
Foreclosures	(4,040	)
Cost of mortgages sold, net	(7,903	)
Other - consolidation of loan loss reserves	(184	)
Other - bad debt expense, net of recoveries	(641	)		(33,767	)
Balance at December 31, 2010			$	233,218
Additions during period:
New mortgage loans (4)	39,524
Other - deferral for collection of commitment fees, net of costs	410
Other - accretion of loan fees and discounts	17			39,951
Deductions during period:
Collections of principal	(21,473	)
Foreclosures	(409	)
Cost of mortgages sold, net	(16,400	)
Other - bad debt expense, net of recoveries	(460	)		(38,742	)
Balance at December 31, 2011			$	234,427

Footnotes:

(1) Includes $12,570,000 from the exercise of our “clean-up call” provision related to the 2002 Joint Venture and $19,993,000 from the attainment of the “clean-up call” provision related to the 2003 Joint Venture.

(2) Includes $22,912,000 and $5,024,000 from consolidation of the 2000 Joint Venture and the 1998 Partnership, respectively, due to a change in accounting rules effective January 1, 2010 and two loans totaling $3,325,000 which were originated in connection with sales of real estate owned which did not require cash expenditures.

(3) Includes $7,692,000 representing reclassifications reducing secured borrowings and loans receivable.

(4) Includes a loan of $1,172,000 which was originated in connection with the sale of real estate owned which did not require cash expenditure.