Comfort Inn 2014 Annual Report Download - page 80
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Table of Contents
the borrower’s compliance with the terms of the loan and franchise agreements, and all related personal guarantees that have been provided by the borrower.
In addition, for properties under development, the Company evaluates the progress of development as compared to the project's development schedule and
cost budget. For subordinated or unsecured receivables, the Company assesses the property’s operating performance, the subordinated equity available to the
Company, the borrower’s compliance with the terms of loan and franchise agreements, and the related personal guarantees that have been provided by the
borrower.
The Company considers loans to be past due and in default when payments are not made when due. Although the Company considers loans to be in
default if payments are not received on the due date, the Company does not suspend the accrual of interest until those payments are more than 30 days past
due. The Company applies payments received for loans on non-accrual status first to interest and then principal. The Company does not resume interest
accrual until all delinquent payments are received.
The Company determined that approximately $0.8 million and $12.5 million of its mezzanine and other notes receivable were impaired at December
31, 2014 and 2013, respectively. The Company recorded an allowance for credit losses on these impaired loans at December 31, 2014 and December 31,
2013 totaling $0.8 million and $8.3 million respectively, resulting in a carrying value of impaired loans of $0.0 million and $4.2 million. For the years ended
December 31, 2014 and 2013, the average mezzanine and other notes receivable on non-accrual status was approximately $11.5 million and $12.9 million,
respectively. The Company recognized approximately $0.2 million and $0.4 million of interest income on impaired loans during the years ended December
31, 2014 and 2013, respectively, on the cash basis. The Company provided loan reserves on non-impaired loans totaling $1.5 million and $1.6 million at
December 31, 2014 and 2013, respectively
Past due balances of mezzanine and other notes receivable by credit quality indicators are as follows:
Senior $ —
$ —
$ —
$ 10,152
$ 10,152
Subordinated —
—
—
3,863
3,863
Unsecured —
47
47
3,948
3,995
$ —
$ 47
$ 47
$ 17,963
$ 18,010
Senior $ —
$ —
$ —
$ 18,052
$ 18,052
Subordinated —
9,629
9,629
4,523
14,152
Unsecured —
47
47
3,358
3,405
$ —
$ 9,676
$ 9,676
$ 25,933
$ 35,609
79