XML 47 R36.htm IDEA: XBRL DOCUMENT v3.22.1
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information
9 Months Ended
Dec. 31, 2021
USD ($)
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Outstanding Principal $ 200,632,056
Original Issue Premium/(Discount) (3,647,490)
Carrying Value $ 196,850,024
Contractual Interest Rate 14.00%
Michigan [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Michigan [1]
Outstanding Principal $ 567,500
Original Issue Premium/(Discount) 22,884
Carrying Value $ 590,384
Contractual Interest Rate 15.00%
Maturity Date Dec. 31, 2022 [2]
Payment Terms P&I [3]
Various [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Various [1]
Outstanding Principal $ 30,000,000
Original Issue Premium/(Discount) (631,099)
Carrying Value $ 29,368,901
Contractual Interest Rate 10.07% [4]
Maturity Date May 30, 2023 [2]
Payment Terms I/O [3]
Pennsylvania [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Pennsylvania [1]
Outstanding Principal $ 2,957,500
Original Issue Premium/(Discount) (84,286)
Carrying Value $ 2,873,214
Contractual Interest Rate 14.25%
Maturity Date Nov. 30, 2023 [2]
Payment Terms P&I [3]
Michigan One [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Michigan [1]
Outstanding Principal $ 11,875,167
Original Issue Premium/(Discount) (50,650)
Carrying Value $ 11,824,517
Contractual Interest Rate 13.25% [5]
Maturity Date Mar. 31, 2022 [2]
Payment Terms P&I [3]
Various One [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Various [1]
Outstanding Principal $ 17,410,081
Original Issue Premium/(Discount) (652,096)
Carrying Value $ 16,757,985
Contractual Interest Rate 16.38% [6]
Maturity Date Mar. 31, 2024 [2]
Payment Terms P&I [3]
Arizona [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Arizona [1]
Outstanding Principal $ 9,984,409
Original Issue Premium/(Discount)
Carrying Value $ 9,984,409
Contractual Interest Rate 19.85% [7]
Maturity Date Apr. 28, 2023 [2]
Payment Terms P&I [3]
Massachusetts [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Massachusetts [1]
Outstanding Principal $ 1,500,000
Original Issue Premium/(Discount)
Carrying Value $ 1,500,000
Contractual Interest Rate 15.50%
Maturity Date Apr. 28, 2023 [2]
Payment Terms P&I [3]
Pennsylvania One [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Pennsylvania [1]
Outstanding Principal $ 13,103,653
Original Issue Premium/(Discount)
Carrying Value $ 13,103,653
Contractual Interest Rate 18.00% [8]
Maturity Date May 31, 2025 [2]
Payment Terms P&I [3]
Michigan Two [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Michigan [1]
Outstanding Principal $ 4,500,000
Original Issue Premium/(Discount) (8,545)
Carrying Value $ 4,491,455
Contractual Interest Rate 12.25%
Maturity Date Feb. 20, 2024 [2]
Payment Terms P&I [3]
Various Two [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Various [1]
Outstanding Principal $ 19,340,552
Original Issue Premium/(Discount) (262,438)
Carrying Value $ 19,078,114
Contractual Interest Rate 14.00% [9]
Maturity Date Aug. 30, 2024 [2]
Payment Terms P&I [3]
West Virginia [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location West Virginia [1]
Outstanding Principal $ 9,457,895
Original Issue Premium/(Discount) (168,870)
Carrying Value $ 9,289,025
Contractual Interest Rate 14.50% [10]
Maturity Date Sep. 01, 2024 [2]
Payment Terms P&I [3]
Pennsylvania Two [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Pennsylvania [1]
Outstanding Principal $ 15,149,304
Original Issue Premium/(Discount)
Carrying Value $ 15,149,304
Contractual Interest Rate 17.00% [11]
Maturity Date Jun. 30, 2024 [2]
Payment Terms P&I [3]
Michigan Three [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Michigan [1]
Outstanding Principal $ 431,210
Original Issue Premium/(Discount)
Carrying Value $ 431,210
Contractual Interest Rate 11.00%
Maturity Date Sep. 30, 2024 [2]
Payment Terms P&I [3]
Illinois [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Illinois [1]
Outstanding Principal $ 3,100,000
Original Issue Premium/(Discount) (13,702)
Carrying Value $ 3,086,298
Contractual Interest Rate 17.00%
Maturity Date Mar. 21, 2022 [2]
Payment Terms I/O [3]
Maryland [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Maryland [1]
Outstanding Principal $ 20,102,396
Original Issue Premium/(Discount) (549,635)
Carrying Value $ 19,552,761
Contractual Interest Rate 14.00% [12]
Maturity Date Sep. 30, 2024 [2]
Payment Terms I/O [3]
Various Three [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Various [1]
Outstanding Principal $ 12,000,000
Original Issue Premium/(Discount) (527,964)
Carrying Value $ 11,472,036
Contractual Interest Rate 13.00%
Maturity Date Oct. 31, 2024 [2]
Payment Terms P&I [3]
Michigan Four [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Michigan [1]
Outstanding Principal $ 10,600,000
Original Issue Premium/(Discount) (122,808)
Carrying Value $ 10,477,192
Contractual Interest Rate 10.25%
Maturity Date Nov. 30, 2022 [2]
Payment Terms I/O [3]
Various Four [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Various [1]
Outstanding Principal $ 5,001,389
Original Issue Premium/(Discount)
Carrying Value $ 5,001,389
Contractual Interest Rate 17.50% [13]
Maturity Date Dec. 27, 2026 [2]
Payment Terms P&I [3]
Michigan Five [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Michigan [1]
Outstanding Principal $ 3,601,000
Original Issue Premium/(Discount) (89,753)
Carrying Value $ 3,511,247
Contractual Interest Rate 15.50% [14]
Maturity Date Dec. 29, 2023 [2]
Payment Terms I/O [3]
Various Five [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Various [1]
Outstanding Principal $ 2,450,000
Original Issue Premium/(Discount) (433,596)
Carrying Value $ 2,016,404
Contractual Interest Rate 8.50%
Maturity Date Mar. 29, 2022 [2]
Payment Terms I/O [3]
Florida [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Location Florida [1]
Outstanding Principal $ 7,500,000
Original Issue Premium/(Discount) (74,932)
Carrying Value $ 7,425,068
Contractual Interest Rate 12.50%
Maturity Date Dec. 31, 2024 [2]
Payment Terms P&I [3]
Current expected credit loss reserve [Member]  
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]  
Outstanding Principal
Original Issue Premium/(Discount)
Carrying Value $ (134,542)
[1] The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[2] Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[3] P/I = principal and interest. I/O = interest only. P/I loans may include interest only periods for a portion of the loan term.
[4] The aggregate loan commitment to Loan #2 includes a $4.005 million initial advance, which has an interest rate of 15.25%, a second advance of $15.995 million, which has an interest rate of 9.75%, and a third advance of $10.0 million, which has an interest rate of 8.5%. The statistics presented reflect the weighted average of the terms under all advances for the total aggregate loan commitment.
[5] The aggregate loan commitment to Loan #4 includes a $7.875 million initial advance, which has an interest rate of P + 10.00%, and a second advance of $4.0 million, which has an interest rate of P + 10.00%. The statistics presented reflect the weighted average of the terms under both advances for the total aggregate loan commitment.
[6] Base interest rate of 13.625% and PIK interest rate of 2.75%
[7] The aggregate loan commitment to Loan #6 includes $7.9 million advanced under a delayed draw term loan, which has a base interest rate of 15.00% and PIK interest rate of 2%, and a second advance of $2.0 million, which has an interest rate of 39%. The statistics presented reflect the weighted average of the terms under all advances for the total aggregate loan commitment.
[8] Base interest rate of 14% and PIK interest rate of 4%
[9] Base interest rate of 13% and PIK interest rate of 1%
[10] Base interest rate of 12.5% and PIK interest rate of 2%
[11] Base interest rate of 14% and PIK interest rate of 3%
[12] Base interest rate of 12% and PIK interest rate of 2%
[13] Base interest rate of 15% and PIK interest rate of 2.5%
[14] Base interest rate of 10.5% and PIK is variable with an initial rate of five percent (5.00%) per annum, until Borrower’s delivery to Administrative Agent and the Lenders of audited financial statements for the Fiscal Year ending December 31, 2021, at which time the PIK Interest Rate shall equal a rate of One percent (1.00%) if EBITDA is greater than $6,000,000; three percent (3.00%) if EBITDA is greater than $4,000,000 and less than or equal to $6,000,000; or will remain at five percent (5.00%) if EBITDA is less than $4,000,000.