Note 9 - Purchase of Financial Assets

9 Months Ended

Sep. 30, 2018

Notes to Financial Statements

Transfers and Servicing of Financial Assets [Text Block]

NOTE

9.

PURCHASE OF FINANCIAL ASSETS

During the

second

quarter of

2018

we terminated an agreement to purchase a maximum par value of

$50.0

million in unsecured consumer home improvement loans from a

third

party originator. Prior to the termination, as we received principal payments on these purchased loans, new loans were purchased and the outstanding par value remained at approximately

$50.0

million. Our agreement requires us to continue purchasing loans for

six

months following the notice of termination.

Since inception through

September 30, 2018,

we have paid aggregate cash totaling

$132.1

million, and received aggregate cash repayments of

$87.3

million for

$44.8

million in net loans outstanding. The acquired loans were purchased without recourse or servicing rights and were recorded at fair value at the time of the purchase.