| Schedule Mortgages on Properties Held for Development |
Schedule
Mortgages on Properties Held for Development
| | |
September 30,
2025 | | |
December 31,
2024 | |
| ABL RPC Residential Credit Acquisition, LLC | |
$ | 1,229,100 | | |
$ | - | |
| Lynx Asset Services, LLC | |
| - | | |
| 750,000 | |
| Anchor Loans, LP | |
| 1,011,799 | | |
| 2,555,422 | |
| AC Development, LLC | |
| 326,479 | | |
| 326,479 | |
| AVB Development | |
| 323,537 | | |
| 323,537 | |
| Total mortgages payable | |
| 2,890,915 | | |
| 3,955,438 | |
| Less current portion | |
| - | | |
| 1,012,538 | |
| Less unamortized discount | |
| 243,436 | | |
| - | |
| Long-term portion | |
$ | 2,647,479 | | |
$ | 2,942,900 | |
|
| Schedule of Use of Proceeds |
The
following summarizes the use of proceeds:
Schedule
of Use of Proceeds
| | |
| | |
| Proceeds | |
$ | 1,229,100 | |
| Settlement charges | |
| (266,030 | ) |
| Interest reserve | |
| (190,000 | ) |
| Loan payoff | |
| (762,437 | ) |
| Cash received | |
$ | 10,633 | |
|