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Loans Held For Investment, Net (Tables)
 9 Months Ended
Dec. 31, 2021
Loans Held For Investment Net [Abstract]  
Schedule of loans held for investment
   Outstanding Principal (1)   Original Issue Discount   Carrying Value (1)   Weighted Average Remaining Life (Years) (2) 
Senior Term Loans  $200,632,056   $(3,647,490)  $196,984,566    2.2 
Total loans held at carrying value   200,632,056    (3,647,490)   196,984,566    2.2 
Allowance for credit losses   
 N/A
    
 N/A
    (134,542)     
Total loans held at carrying value, net  $200,632,056   $(3,647,490)  $196,850,024     
Schedule of changes in loans held at carrying value
   Principal   Original Issue Discount   Allowance for Credit Losses   Carrying Value 
Balance at March 30, 2021 (inception)  $
-
   $
-
   $
-
   $
-
 
Loans contributed   40,191,921    (846,724)   
-
    39,345,197 
New fundings   174,445,480    (3,529,406)   
-
    170,916,074 
Principal repayment of loans   (9,798,364)   
-
    
-
    (9,798,364)
Accretion of original issue discount   
-
    595,872    
-
    595,872 
Sale of loans   (5,005,000)   132,768    
-
    (4,872,232)
PIK Interest   798,019    
-
    
-
    798,019 
Provision for credit losses   
-
    
-
    (134,542)   (134,542)
Balance at December 31, 2021  $200,632,056   $(3,647,490)  $(134,542)  $196,850,024 

 
Schedule of risk rating
Loan  Location  Outstanding Principal(1)  Original Issue Premium/(Discount)   Carrying Value(1)  

Contractual

Interest Rate

   Maturity Date(2)  Payment Terms(3)
1  Michigan$ 567,500  $22,884   $590,384    15.00%  12/31/2022  P&I
2  Various  30,000,000   (631,099)   29,368,901    10.07%(4)  5/30/2023  I/O
3  Pennsylvania  2,957,500   (84,286)   2,873,214    14.25%  11/30/2023  P&I
4  Michigan  11,875,167   (50,650)   11,824,517    13.25%(9)  3/31/2022  P&I
5  Various  17,410,081   (652,096)   16,757,985    16.38%(6)  3/31/2024  P&I
6  Arizona  9,984,409   
-
    9,984,409    19.85%(11)  4/28/2023  P&I
7  Massachusetts  1,500,000   
-
    1,500,000    15.50%  4/28/2023  P&I
8  Pennsylvania  13,103,653   
-
    13,103,653    18.00%(10)  5/31/2025  P&I
9  Michigan  4,500,000   (8,545)   4,491,455    12.25%  2/20/2024  P&I
10  Various  19,340,552   (262,438)   19,078,114    14.00%(8)  8/30/2024  P&I
11  West Virginia  9,457,895   (168,870)   9,289,025    14.50%(12)  9/1/2024  P&I
12  Pennsylvania  15,149,304   
-
    15,149,304    17.00%(7)  6/30/2024  P&I
13  Michigan  431,210   
-
    431,210    11.00%  9/30/2024  P&I
14  Illinois  3,100,000   (13,702)   3,086,298    17.00%  3/21/2022  I/O
15  Maryland  20,102,396   (549,635)   19,552,761    14.00%(5)  9/30/2024  I/O
16  Various  12,000,000   (527,964)   11,472,036    13.00%  10/31/2024  P&I
17  Michigan  10,600,000   (122,808)   10,477,192    10.25%  11/30/2022  I/O
18  Various  5,001,389   
-
    5,001,389    17.50%(14)  12/27/2026  P&I
19  Michigan  3,601,000   (89,753)   3,511,247    15.50%(13)  12/29/2023  I/O
20  Various  2,450,000   (433,596)   2,016,404    8.50%  3/29/2022  I/O
21  Florida  7,500,000   (74,932)   7,425,068    12.50%  12/31/2024  P&I
Current expected credit loss reserve 
-
   
-
    (134,542)           
Total loans held at carry value  $200,632,056  $(3,647,490)  $196,850,024    14.0%      

 
Schedule of risk rating
Rating   Definition
1   Very low risk
2   Low risk
3   Moderate/average risk
4   High risk/potential for loss: a loan that has a risk of realizing a principal loss
5   Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

 
Schedule of carrying value of loans held for investment
Risk Rating  2021   Total 
1  $167,908,805   $167,908,805 
2   29,075,761    29,075,761 
3   
-
    
-
 
4   
-
    
-
 
5   
-
    
-
 
Total  $196,984,566   $196,984,566 

 
Schedule of real estate collateral coverage
   Real Estate Collateral Coverage 
   < 1.0x   1.0x - 1.25x   1.25x - 1.5x   1.50x - 1.75x   1.75x - 2.0x   > 2.0x   Total 
Fixed-rate  $7,017,793   $
-
   $35,836,099   $3,086,298   $
-
   $45,373,778   $91,313,968 
Floating-rate   8,925,068    18,022,518    
-
    30,029,953    32,377,087    16,315,972    105,670,598 
   $15,942,861   $18,022,518   $35,836,099   $33,116,251   $32,377,087   $61,689,750   $196,984,566 

 
Schedule of Activity related to the CECL Reserve for outstanding balances
   Outstanding(1)   Unfunded(2)   Total 
Balance at March 30, 2021 (inception)  $
-
   $
-
   $
-
 
Provision for current expected credit losses   134,542    13,407    147,949 
Write-off charged   
-
    
-
    
-
 
Recoveries   
-
    
-
    
-
 
Balance at December 31, 2021  $134,542   $13,407   $147,949