Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2019

Notes Receivable

Schedule of notes receivable held by the company

($ in thousands)		Principal Outstanding as of
Loan	Payment Terms	December 31, 2019		December 31, 2018		Maturity
Mortgage Note (1)	Principal & interest due at maturity	$	1,804	$	1,840	1/15/2017
Mortgage Note (2)	Principal & interest due at maturity		234		234	12/7/2028
Mortgage Note (2)	Principal due at maturity & interest due monthly		2,145		2,145	3/16/2022
Mortgage Note (3)	Principal & interest due at maturity		-		1,647	12/31/2019
Mortgage Note	Principal & interest due at maturity		-		5,125	8/19/2020
Mortgage Note	Principal & interest due at maturity		62		62	3/1/2020
Line of Credit	Principal & interest due at maturity		369		106	3/1/2020
Total outstanding principal			4,614		11,159
Interest receivable (net prepaid interest)			565		947
Provision for loan receivable			(412)		(229)
Total notes and interest receivable		$	4,767	$	11,877

(1) In January 2016 the maturity date of the note was extended from January 15, 2016 to January 15, 2017 with the year 1 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 on the Promissory Note. In December 2019, the Company has begun the process of selling the underlying collateralized property to settle the principal and accrued interest.

(2)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 third and fifth anniversary of the notes by the borrower.

(3)In April 2018 the interest rate on the note was increased from 6.50% to 7.50% and a loan fee of 1.0% was initiated for the period ended March 31, 2019. Note was paid down through the acquisition of collateralized property in December 2019

Reconciliation of carrying amount of mortgage loans

	Years ended December 31,
	2019		2018		2017
($ in thousands)
Balance at beginning of year	$	11,159	$	9,350	$	2,780
Additions during year:
New mortgage loans and additional advances on existing loans		1,781		6,662		7,372
Interest income added to principal		-		-		-
Amortization of discount		-		-		-
		12,940		16,012		10,152
Deductions during year:
Collection of principal		8,285		4,853		802
Foreclosure		41		-		-
Balance at end of year	$	4,614	$	11,159	$	9,350