Notes Receivable |
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Notes Receivable |
3. Notes Receivable The table below provides information relating to Bluegreen’s notes receivable and related allowance for loan losses (in thousands):
The weighted-average interest rate on Bluegreen’s notes receivable was 15.1% at both March 31, 2019 and December 31, 2018. All of Bluegreen’s VOI notes receivable bear interest at fixed rates. Bluegreen’s VOI notes receivable are generally secured by property located in Florida, Missouri, Nevada, South Carolina, Tennessee, and Wisconsin. Credit Quality of Notes Receivable and the Allowance for Loan Losses Bluegreen monitors the credit quality of its receivables on an ongoing basis. Bluegreen holds large amounts of homogeneous VOI notes receivable and assesses uncollectibility based on pools of receivables as Bluegreen does not believe that there are significant concentrations of credit risk with any individual counterparty or groups of counterparties. In estimating loan losses, Bluegreen does not use a single primary indicator of credit quality but instead evaluates its VOI notes receivable based upon a static pool analysis that incorporates the aging of the respective receivables, default trends, and prepayment rates by origination year, as well as the FICO scores of the borrowers. The activity in Bluegreen’s allowance for loan losses (including notes receivable secured by homesites) was as follows (in thousands):
The percentage of gross notes receivable outstanding by FICO score of the borrower at the time of origination was as follows:
The table below sets forth information regarding the delinquency status of Bluegreen’s VOI notes receivable (in thousands):
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