Notes Receivable (Tables)

9 Months Ended

Sep. 30, 2017

Notes Receivable

Schedule of notes receivable held by the company

($ in thousands)		Principal Outstanding as of				Maturity
Loan	Payment Terms	September 30, 2017		December 31, 2016		Date
Mortgage Note(1)	Principal & interest due at maturity	$	1,800	$	1,800	1/15/2017
Mortgage Note (2)	Principal & interest due at maturity		240		980	3/16/2022
Mortgage Note (2)	Principal due at maturity & interest due monthly		2,194		-	3/16/2022
Mortgage Note	Principal & interest due at maturity		1,647		-	4/27/2018
Mortgage Note	Principal & interest due at maturity		100		-	1/31/2018
Mortgage Note	Principal due at maturity & interest paid in advance		669		-	2/15/2018
Total outstanding principal			6,650		2,780
Points paid, net of direct issuance costs			(10)		(4)
Interest receivable (net prepaid interest)			311		67
Total notes and interest receivable		$	6,951	$	2,843

(1) In January 2016, the maturity date of the note was extended to January 15, 2017 with year one interest received at the time of the extension and principal and remaining interest due at maturity.  On July 28, 2017 the Company notified the borrower of default under the Promissory Note.  The Company currently believes that collectability is reasonably assured.

The original note was renegotiated and a second note was entered into simultaneously with the borrower during the three months ended March 31, 2017. The notes include mortgages on two additional properties in Colorado that include repurchase options for the properties at a fixed price that are exercisable between the second and fifth anniversary of the notes by the borrower.