Commercial Mortgage Loan

12 Months Ended

Dec. 31, 2013

Receivables [Abstract]

Commercial Mortgage Loan

NOTE 4. COMMERCIAL MORTGAGE LOAN

On August 7, 2013, the Company acquired a $19.6 million first mortgage loan secured by a hotel in Atlanta, Georgia, for approximately $17.5 million, a discount of approximately $2.05 million. The discount is being accreted into income ratably through the contractual maturity date in March 2014, which is included in Interest Income from Commercial Mortgage Loan in the consolidated financial statements.

The Company’s commercial mortgage loan portfolio comprised the following at December 31, 2013:

Description	Date of Investment		Maturity Date		Original Face Amount		Current Face Amount		Carrying Value		Coupon Rate			Property Size
Hotel – Atlanta, GA		August 2013		March 2014	$	19,560,000	$	19,465,000	$	18,845,053		30-day LIBOR plus 4.50	%		110 rooms
Total					$	19,560,000	$	19,465,000	$	18,845,053

The carrying value of the commercial mortgage loan as of December 31, 2013 consisted of the following:

	Total
Current Face Amount	$	19,465,000
Unamortized Fees		29,711
Unaccreted Purchase Discount		(649,658	)
Total Commercial Mortgage Loan	$	18,845,053

Accrued interest on the commercial mortgage loan totaled approximately $43,000 as of December 31, 2013 and is included in Other Assets in the consolidated balance sheet. As more fully described in Note 20, Subsequent Events, this loan was paid in full on January 6, 2014.