Notes Receivable

12 Months Ended

Dec. 31, 2014

NOTES RECEIVABLE

Notes receivable represents amounts due from third parties involved in development and home building activities. Notes receivables are secured by collateral property and guaranteed by individual third parties. There were no notes receivable due from third parties as of December 31, 2014, as they were paid in full during the year ended December 31, 2014.

Notes receivable as of December 31, 2013 were noted as follows (in thousands):



Borrower	Principal & Interest due at 12/31/2013		Interest Rate		Maturity Date
Rivendell UM, LLC	$	5,256	17.9%	⁽¹⁾	November 23, 2014
Major Road Developers, LLC⁽²⁾	2,200		—%	⁽³⁾	Various⁽⁴⁾
Other⁽⁵⁾	100		5%		July 10, 2015
Total notes receivable	$	7,556


(1)	Interest rate increased from 15% to 17.9% upon renewal on November 23, 2013.


(2)	The owners of the borrower individually guaranteed the completion and associated costs of the homes collateralizing the note.


(3)	The 0% interest rate entitled the Company to first lien over other potential lenders.


(4)	Maturity dates were upon closing of underlying lots collateralizing this note.


(5)	Balance at December 31, 2013 related primarily to Willowcrest

At December 31, 2013, notes receivable were concentrated by geographic area in Colorado, Georgia and Texas.



Location	December 31, 2013
Colorado	70	%
Georgia	29	%
Texas	1	%

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

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