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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE
 12 Months Ended
Dec. 31, 2015
MORTGAGE LOANS ON REAL ESTATE  
SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

Schedule IV—Mortgage Loans on Real Estate

December 31, 2015

(dollars in thousands, except footnotes)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

  

  

  

 

  

  

 

  

  

 

 

 

 

  

 

 

  

  

 

  

Principal

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans Subject

 

Geographic

 

Number

 

 

 

 

 

 

 

 

 

 

 

 

Final

 

Carrying

 

to Delinquent

 

Dispersion of

 

of

 

Size of Loans

 

 

 

 

 

 

Maturity

 

Amount of

 

Principal or

 

Collateral

  

Loans

  

From

  

To

  

Interest Rate

  

Date

  

Mortgages (1)

  

"Interest"

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial Real Estate Loans - 3% or greater (2):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Florida

 
1

 

 

N/A

 

 

N/A

 
9.77

% 

 

3/1/2017

 

$
20,338

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBA 7(a) Loans - States 2% or greater (3) (4):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Michigan 

 
25

 

$
10

 

$

880

 

5.00

%

to

6.00

% 

10/10/33

--

6/22/41

 

 
6,819

 

 

 —

 

Ohio

 
21

 

$

 —

 

$

670

 

5.00

%

to

6.00

% 

10/16/20

--

4/27/41

 

 
5,459

 

 

 —

 

Texas (5)

 
28

 

$

 —

 

$

660

 

4.13

%

to

6.00

% 

2/1/17

--

12/29/40

 

 
3,782

 

 

 —

 

Indiana

 
13

 

$
40

 

$

430

 

4.75

%

to

6.00

% 

3/17/35

--

11/24/40

 

 
2,810

 

 

 —

 

Florida

 
11

 

$
10

 

$

640

 

5.25

%

to

6.00

% 

6/19/19

--

12/27/40

 

 
2,762

 

 

 —

 

Virginia

 
9

 

$
150

 

$

720

 

 

 

6.00

% 

 

9/6/36

--

11/12/39

 

 
2,628

 

 

 —

 

Kentucky

 
6

 

$
110

 

$

520

 

 

 

6.00

% 

 

4/9/35

--

10/27/39

 

 
1,660

 

 

 —

 

North Carolina

 
5

 

$
100

 

$

670

 

5.75

%

to

6.00

% 

9/8/32

--

6/25/40

 

 
1,465

 

 

 —

 

Alabama

 
6

 

$
40

 

$

470

 

5.00

%

to

6.00

% 

7/27/25

--

5/30/40

 

 
1,441

 

 

 —

 

Wisconsin (6)

 
7

 

$
10

 

$

340

 

5.00

%

to

6.00

% 

4/23/20

--

7/17/38

 

 
1,268

 

 

 —

 

Illinois

 
5

 

$
60

 

$

370

 

5.75

%

to

6.00

% 

9/17/35

--

9/8/39

 

 
1,285

 

 

 —

 

Missouri

 
5

 

$

 —

 

$

450

 

5.25

%

to

6.00

% 

8/12/21

--

4/14/39

 

 
1,094

 

 

 —

 

Arizona

 
5

 

$
30

 

$

450

 

5.75

%

to

6.00

% 

1/12/33

--

5/21/40

 

 
1,031

 

 

 —

 

Iowa

 
4

 

$
130

 

$

490

 

4.92

%

to

6.00

% 

12/22/35

--

1/28/39

 

 
923

 

 

 —

 

Other (7)

 
38

 

$

 —

 

$

560

 

4.75

%

to

6.00

% 

6/15/16

--

12/17/40

 

 
5,936

 

 
357

 

Government guaranteed portions (8)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
5,239

 

 

 —

 

SBA 7(a) loans, subject to secured borrowings (9)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
34,428

 

 

 —

 

General reserves

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
(206)

 

 

 —

 

 

 
188

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$
79,824

 

$
357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conventional Loans - States 2% or greater (10):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Arizona

 
1

 

 

 —

 

 

 —

 
6.33

% 

 

5/21/25

 

 
1,270

 

 

 —

 

Ohio (11)

 
1

 

 

 —

 

 

 —

 
10.33

% 

 

11/25/19

 

 
1,139

 

 

 —

 

North Carolina (12)

 
1

 

 

 —

 

 

 —

 
7.50

% 

 

2/6/19

 

 
435

 

 

 —

 

Pennsylvania (13)

 
1

 

 

 —

 

 

 —

 
4.33

% 

 

9/29/25

 

 
434

 

 

 —

 

 

 
4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$
3,278

 

$

 —

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
193

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$
103,440
(14)

$
357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The carrying amounts exclude general reserves of $206,000.

(2)

Represents an interest only mezzanine loan with a face value of $20,408,000.  It is secured by an indirect ownership interest in an entity that either directly or indirectly owns parcels of commercial real estate. The loan has a variable interest rate and a prepayment penalty equal to a percentage of the outstanding balance at the time of the prepayment minus any interest paid.  The loan is subject to a secured borrowing as 49% was sold.

(3)

Includes approximately $216,000 of loans not secured by real estate.  Also includes $185,000 of loans with subordinate lien positions.

(4)

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

(5)

Includes a loan with a face value of $29,000 and a fixed interest rate of 6.00%.  Also includes a loan with a face value of $51,000 and a fixed interest rate of 6.00%.

(6)

Includes a loan with a face value of $1,272,000 and a valuation reserve of $27,000.

(7)

Includes a loan with a face value of $357,000, a valuation reserve of $33,000 and a fixed interest rate of 5.00%, and includes a loan with a face value of $436,000, and a valuation reserve of $62,000.

(8)

Represents the government guaranteed portions of our SBA 7(a) loans detailed above retained by us.  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.

(9)

Represents the guaranteed portion of SBA 7(a) loans which were sold with the proceeds received from the sale reflected as secured borrowings. For federal income tax purposes, these proceeds are treated as sales and reduce the carrying value of loans receivable.

(10)

Our loans have both variable and fixed rates of interest.

(11)

Loan is secured by a second lien on the property which is subordinated to our first lien on the property.

(12)

Includes a loan with the face value of $462,000 and a fixed interest rate of 7.50%.

(13)

Includes a loan with a face value of $790,000, and a valuation reserve of $227,000.

(14)

For federal income tax purposes, the aggregate cost basis of our loans was approximately $67,652,000 (unaudited).

 

 

 

Schedule IV—Mortgage Loans on Real Estate

December 31, 2015

(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

 

 

 

 

 

 

Additions during period:

 

 

 

 

New mortgage loans

 

 
59,467

 

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

 

 
385

 

Other - accretion of loan fees and discounts

 

 
6,841

 

 

 

 

 

 

Deductions during period:

 

 

 

 

Collections of principal

 

 
(44,261)

 

Foreclosures

 

 
(708)

 

Cost of mortgages sold, net

 

 
(29,799)

 

Other - sale of mortgage loans

 

 
(77,121)

 

Other - bad debt expense, net of recoveries

 

 
(416)

 

 

 

 

 

 

Balance at December 31, 2015

 

$
103,440

 

(1)

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