Vestin Realty Mortgage II (VRTB) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 15, 2015
Document And Entity Information
Entity Registrant Name	Vestin Realty Mortgage II, Inc
Entity Central Index Key	1,327,603
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		2,491,546
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Cash and cash equivalents	$ 5,644,000	$ 7,541,000
Prepaid expenses - related party	279,000
Investment in marketable securities - related party	668,000	$ 461,000
Investments in marketable securities	85,000
Interest and other receivables	43,000	$ 3,000
Investment in MVP REIT II	200,000
Investments in Delaware Statutory Trusts	$ 3,600,000
Notes receivable, net of allowance of $1,112,000 at September 30, 2015 and $6,543,000 at December 31, 2014
Real estate loans, net of allowance for loan losses of $2,450,000 at September 30, 2015 and December 31, 2014	$ 353,000	$ 5,187,000
Fixed assets, net of accumulated depreciation of $1,000	21,000
Due from related parties	410,000
Assets held for sale	$ 55,467,000	$ 55,427,000
Other assets		296,000
Total assets	$ 66,770,000	68,915,000
Liabilities
Accounts payable and accrued liabilities	776,000	618,000
Note payable	73,000	23,000
Due to related parties	4,685,000	1,136,000
Liabilities related to assets held for sale	30,785,000	31,056,000
Total liabilities	$ 36,319,000	$ 32,833,000
Vestin Realty Mortgage II, Inc. stockholders' equity:
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; none issued and outstanding
Treasury stock, at cost, 0 shares at September 30, 2015 and December 31, 2014
Common stock, $0.0001 par value; 100,000,000 shares authorized; 2,491,546 and 2,578,420 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively.
Additional paid-in capital	$ 266,695,000	$ 267,081,000
Accumulated deficit	(240,764,000)	$ (238,165,000)
Accumulated other comprehensive income	203,000
Total Vestin Realty Mortgage II, Inc. stockholders' equity	26,134,000	$ 28,916,000
Non-controlling interest	4,317,000	7,166,000
Total equity	30,451,000	36,082,000
Total liabilities and equity	$ 66,770,000	$ 68,915,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Notes receivable, allowance	$ 1,112,000	$ 6,543,000
Investment in real estate loans, allowance	2,450,000	$ 2,450,000
Accumulated Depreciation	$ 1,000
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Treasury stock, shares	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	2,491,546	2,578,420
Common stock, shares outstanding	2,491,546	2,578,420

Condensed Consolidated Statemen

Condensed Consolidated Statements Of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Interest income from investment in real estate loans	$ 47,000	$ 180,000	$ 570,000	$ 499,000
Gain related to pay off of real estate loan, including recovery of allowance for loan loss			1,623,000
Gain related to pay off of notes receivable, including recovery of allowance for notes receivable	$ 513,000	$ 85,000	539,000	$ 185,000
Acquisition fee income	29,000		1,331,000
Advisor fee income	164,000	$ 78,000	372,000	$ 327,000
Total revenues	753,000	343,000	4,435,000	1,011,000
Operating expenses
Management fees - related party	274,000	$ 274,000	822,000	$ 823,000
MVP REIT II organization and offering costs	436,000		1,015,000
Wages and Benefits	884,000	$ 449,000	2,598,000	$ 1,156,000
Interest expense	$ 1,000	1,000	2,000	3,000
Acquisition expense		$ 6,000	1,000	$ 29,000
Depreciation	$ 1,000		$ 1,000
Forgiveness of debt - related party				$ 533,000
Professional fees	$ 264,000	$ 280,000	$ 814,000	939,000
Seminars	450,000	102,000	1,146,000	222,000
Consulting	41,000	73,000	181,000	320,000
Insurance	64,000	66,000	194,000	202,000
Commissions	1,507,000	322,000	2,836,000	571,000
Travel	214,000	184,000	806,000	482,000
Other	219,000	78,000	512,000	435,000
Total operating expenses	4,355,000	1,835,000	10,928,000	5,715,000
Loss from operations	(3,602,000)	(1,492,000)	(6,493,000)	(4,704,000)
Non-operating income
Gain related to recovery of allowance on note receivable - related party	$ 24,000	$ 925,000	$ 24,000	1,774,000
Recovery from settlement with loan guarantor				78,000
Gain on sale of marketable securities	$ 1,000	$ (33,000)	$ 2,000	32,000
Total other non-operating income, net	$ 25,000	$ 892,000	$ 26,000	$ 1,884,000
Provision for income taxes
Loss from continuing operations	$ (3,577,000)	$ (600,000)	$ (6,467,000)	$ (2,820,000)
Discontinued operations, net of income taxes
Gain (loss) on sale of real estate held for sale		(32,000)		838,000
Expenses related to real estate held for sale	$ (103,000)	(251,000)	$ (298,000)	(614,000)
Income from investment in equity method investee		21,000		86,000
Income from assets held for sale, net of income taxes	$ 339,000	$ 300,000	$ 1,002,000	$ 470,000
Recovery from fully impaired real estate held for sale	396,000		(396,000)
Total income from discontinued operations	632,000	$ 38,000	1,100,000	$ 780,000
Net Loss	(2,945,000)	(562,000)	(5,367,000)	(2,040,000)
Net income (loss) attributable to non-controlling interest - related party	(1,351,000)	88,000	(2,768,000)	188,000
Net loss attributable to Vestin Realty Mortgage II, Inc. common stockholders	$ (1,594,000)	$ (650,000)	$ (2,599,000)	$ (2,228,000)
Basic and diluted income (loss) per weighted average common share
Loss from continuing operations attributable to VRM II common stockholders	$ (0.9)	$ (0.23)	$ (1.46)	$ (1.04)
Income from discontinued operations attributable to VRM II common stockholders	0.26	0.02	0.44	0.29
Net loss attributable to VRM II common stockholders	$ (0.64)	$ (0.21)	$ (1.03)	$ (0.76)
Dividends declared per common share
Weighted average common shares outstanding	2,494,011	2,651,597	2,537,533	2,690,670

Condensed Consolidated Stateme5

Condensed Consolidated Statements Of Other Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,945,000)	$ (562,000)	$ (5,367,000)	$ (2,040,000)
Unrealized holding income (loss) on available-for-sale securities - related party	113,000	203,000	203,000	(35,000)
Comprehensive loss	(2,832,000)	(359,000)	(5,164,000)	(2,075,000)
Net income (loss) attributable to noncontrolling interest	(1,351,000)	88,000	(2,768,000)	188,000
Comprehensive loss attributable to Vestin Realty Mortgage II, Inc.	$ (1,481,000)	$ (447,000)	$ (2,396,000)	$ (2,263,000)

Condensed Consolidated Stateme6

Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (5,367,000)	$ (2,040,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,000	294,000
Recovery of allowance for doubtful notes receivable	(539,000)	(185,000)
Gain on sale of marketable securities	$ (2,000)	(32,000)
Income on investment in equity method investee - held for sale		(86,000)
Forgiveness of debt-related party		533,000
Gain on sale of real estate owned held for sale		(838,000)
Gain related to recovery of allowance for notes receivable - related party	$ (24,000)	(78,000)
Gain related to recovery of allowance for notes payable - related party		$ (1,774,000)
Gain related to recovery of allowance for loan loss	$ (1,623,000)
Recovery from fully impaired real estate held for sale	396,000
Change in operating assets and liabilities:
Interest and other receivables	$ (40,000)	$ (4,000)
Accounts receivable		60,000
Assets held for sale, net of liabilities	$ 242,000	120,000
Liabilities related to assets held for sale		120,000
Due to/from related parties, net	$ 3,139,000	789,000
Prepaid expenses - related party	$ (279,000)	25,000
Deferred rental assets		(94,000)
Capitalized loan fees		(285,000)
Other assets	$ 296,000	170,000
Accounts payable and accrued liabilities	158,000	(84,000)
Net cash used in operating activities	(4,434,000)	(3,389,000)
Cash flows from investing activities:
Investments in real estate loans	(3,228,000)	(14,187,000)
Purchase of investments in real estate loans from third parties	(200,000)	(468,000)
Proceeds from loan payoffs	$ 5,945,000	5,145,000
Sale of investments in real estate loans to third parties
VRM I		2,823,000
Third parties		$ 2,552,000
Investment in Delaware Statutory Trust	$ (3,600,000)
Proceeds from notes receivable	539,000	$ 185,000
Proceeds from notes receivable - related party	$ 24,000	1,774,000
Proceeds related to real estate held for sale		$ 2,552,000
Collection from recovery of loan loss	$ 1,623,000
Proceeds from recovery of fully impaired real estate held for sale	$ 396,000
Payment of noncontrolling interest portion of proceeds related to real estate held for sale		$ (764,000)
Payments on assets transferred, net		(958,000)
Purchase of investments in real estate		(6,263,000)
Payments on purchase of assets		(110,000)
Purchase of marketable securities	$ (200,000)	$ (1,755,000)
Purchase of fixed assets	(22,000)
Investment in MVP REIT II	$ (200,000)
Investment in and note receivable from MVP Realty Advisors, LLC		$ (1,065,000)
Investment in equity method investee		(3,000,000)
Proceeds from sale of VREO XXV, LLC		39,000
Proceeds from settlement with loan guarantor		$ 78,000
Asset purchase - assets held for sale	$ (124,000)
Proceeds from sale of marketable securities	113,000	$ 7,474,000
Net cash provided by (used in) investing activities	3,383,000	(440,000)
Cash flows from financing activities:
Principal payments on notes payable	(116,000)	(7,984,000)
Purchase of treasury stock	(386,000)	$ (426,000)
Distribution to noncontrolling interest entity held for sale	$ (81,000)
Proceeds from distribution from real estate held for sale		$ 2,000
Proceeds from note payable	$ 166,000	7,750,000
Proceeds from note payable on assets held for sale		$ 4,143,000
Payments on note payable on assets held for sale	$ (430,000)
Payment of noncontrolling interest portion of proceeds from note payable held for sale		$ (1,763,000)
Other		(2,000)
Net cash (used in) provided by financing activities	$ (847,000)	1,720,000
NET CHANGE IN CASH	(1,897,000)	(2,109,000)
Cash, beginning of period	7,541,000	7,663,000
Cash, end of period	5,644,000	5,554,000
Supplemental disclosures of cash flows information:
Interest paid	2,000	$ 457,000
Non-cash investing and financing activities:
Adjustment to notes receivable and related allowance	$ 1,600,000
Adjustment to accrued interest and related allowance		$ 175,000
Reduction of debt by Advisor treated as contribution		(238,000)
Note payable related to prepaid D&O insurance	$ 166,000	262,000
Unrealized gain (loss) on marketable securities - related party	$ 203,000	$ (35,000)

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	NOTE A — ORGANIZATION Vestin Realty Mortgage II, Inc. (“VRM II”, the “Company”, “we”, “us” or “our”), formerly Vestin Fund II, LLC (“Fund II”) invests in loans secured by real estate through deeds of trust or mortgages (hereafter referred to collectively as “deeds of trust” and as defined in our management agreement (“Management Agreement”) as mortgage assets (“Mortgage Assets”). In addition, we invest in, acquire, manage or sell real property and acquire entities involved in the ownership or management of real property. We commenced operations in June 2001. References in this report to the “Company,” “we,” “us,” or “our” refer to Fund II with respect to the period prior to April 1, 2006 and to VRM II with respect to the period commencing on April 1, 2006. We operated as a real estate investment trust (“REIT”) through December 31, 2011. We are not a mutual fund or an investment company within the meaning of the Investment Company Act of 1940, nor are we subject to any regulation thereunder. As a REIT, we were required to have a December 31 fiscal year end. We announced on March 28, 2012 that we have terminated our election to be treated as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), effective for the tax year ending December 31, 2012. Under the Code, we will not be able to make a new election to be taxed as a REIT during the four years following December 31, 2012. Pursuant to our charter, upon the determination by the Board of Directors that we should no longer qualify as a REIT, the restrictions on transfer and ownership of shares set forth in Article VII of our charter ceased to be in effect and, accordingly, shares of the Company’s stock will no longer be subject to such restrictions. In connection with the termination of our REIT status, we also amended our stockholders’ rights plan to provide that a stockholder, other than Michael Shustek, may own up to 20% of outstanding shares of common stock, and that Michael Shustek may own up to 35% of outstanding shares of common stock. Michael Shustek owns a significant majority of Vestin Mortgage, LLC, a Nevada limited liability company, which is our manager (the “manager” or “Vestin Mortgage”). The business of brokerage and placement of real estate loans have been performed by affiliated or non-affiliated mortgage brokers, including Advant Mortgage, LLC (“MVP Mortgage”), a licensed Nevada mortgage broker, which is indirectly wholly owned by Mr. Shustek. Pursuant to a management agreement, our manager is responsible for managing our operations and implementing our business strategies on a day-to-day basis. Consequently, our operating results are dependent to a significant extent upon our manager’s ability and performance in managing our operations and servicing our loans. Vestin Mortgage is also the manager of Vestin Realty Mortgage I, Inc. (“VRM I”), as the successor by merger to Vestin Fund I, LLC (“Fund I”) and Vestin Fund III, LLC (“Fund III”). VRM I has investment objectives similar to ours, and Fund III is in the process of an orderly liquidation of its assets. The consolidated financial statements include the accounts of VRM II; Building A, LLC, Building C, LLC, Wolfpack Properties, LLC; Devonshire, LLC; SE Properties, LLC; ExecuSuites, LLC; MVP Realty Advisors, LLC (“MVP Advisors”) and MVP Capital Partners II, LLC (“MVP CP II”), as well as the results of operations for the Company’s assets that have been sold during 2014. All significant intercompany transactions and balances have been eliminated in consolidation. In April 2009, we entered into an accounting services agreement with Strategix Solutions, LLC (“Strategix Solutions”), a Nevada limited liability company, for the provision of accounting and financial reporting services. Strategix Solutions also provides accounting and financial reporting services to VRM I and Fund III. Our CFO and other members of our accounting staff are employees of Strategix Solutions. Strategix Solutions is owned by our CFO, Ms. Gress. As used herein, “management” means our manager, its executive officers and the individuals at Strategix Solutions who perform accounting and financial reporting services on our behalf. In December 2013, we entered into a membership interest transfer agreement with MVP Capital Partners, LLC (“MVP Capital”) pursuant to which we increased our ownership interest from 40% to 60% in MVP Advisors, the manager of MVP REIT, Inc. (“MVP REIT”). At the same time, VRM I acquired from MVP Capital the remaining 40% interest in MVP Advisors. Pursuant to the transfer agreement, we and VRM I did not pay any up-front consideration for the acquired interest but will be responsible for our proportionate share of future expenses of MVP Advisors. In recognition of MVP Capital’s substantial investment in MVP Advisors for which MVP Capital received no up-front consideration, the transfer agreement further provides that once we and VRM I have been repaid in full for any capital contributions to MVP Advisors or for any expenses advanced on MVP Advisors’ behalf (“Capital Investment”), and once we and VRM I have received an annualized return on our Capital Investment of 7.5%, then MVP Capital will receive one-third of the net profits of MVP Advisors. MVP REIT is a SEC-registered, non-traded REIT that seeks to invest predominantly in parking facilities located throughout the United States and loans secured by real estate as its core assets. During May 2015, our Board of Directors and the Board of Directors of VRM I agreed to form MVP CP II. We own 60% and VRM I owns 40%. The purpose of MVP CP II is to act as the sponsor of MVP REIT II, a Maryland corporation, which was formed as a publicly registered non traded REIT (“MVP REIT II”). MVP REIT II has been declared effective on October 23, 2015. MVP REIT II is a proposed $550,000,000 offering with the proceeds raised from the offering being used primarily to acquire parking assets in the United States and Canada. MVP REIT II has engaged MVP Advisors as its advisor. We and VRM I have agreed to fund certain costs and expenses of MVP REIT II through MVP CP II in proportion to our respective ownership interest. As consideration for the initial investment of $0.2 million MVP CP II received 8,000 shares of common stock in MVP REIT II. As part of the advisory agreement, MVP Advisors will receive a 1% annual asset management fee and 2.25% of purchase price on all acquisitions. MVP Advisors will also receive the lesser of 3% of contract sale price or 50% of the brokerage commission paid on dispositions of MVP REIT II assets which amount shall accrue until the MVP REIT II investors have a return of their net capital and a 6% annual cumulative non compounded return. In addition once the MVP REIT II investors have received a return of their net capital invested and a 6% annual cumulative, non-compounded return, then MVP Realty Advisors will be entitled to receive 15% of the remaining proceeds. This fee will be payable under only one of the following events: (i) if MVP REIT II shares are listed on a national securities exchange; (ii) if MVP REIT II assets are sold, other than single assets sold in the ordinary course, or liquidated; (iii) upon a merger, share exchange, reorganization or other transaction pursuant to which MVP REIT II investors receive cash or publicly traded securities in exchange for their shares; or (iv) upon termination of the advisory agreement.

Summary Of Significant Accounti

Summary Of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Summary Of Significant Accounting Policies	NOTE B — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The accompanying unaudited condensed consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim period. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These unaudited condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated balance sheet as of December 31, 2014 contained herein has been derived from the audited consolidated financial statements as of December 31, 2014, but do not include all disclosures required by GAAP. Management Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Investments in Real Estate Loans We may, from time to time, acquire or sell investments in real estate loans from or to our manager or other related parties pursuant to the terms of our Management Agreement without a premium. The primary purpose is to either free up capital to provide liquidity for various reasons, such as loan diversification, or place excess capital in investments to maximize the use of our capital. Selling or buying loans allows us to diversify our loan portfolio within these parameters. Due to the short-term nature of the loans we make and the similarity of interest rates in loans we normally would invest in, the fair value of a loan typically approximates its carrying value. Accordingly, discounts or premiums typically do not apply upon sales of loans and therefore, generally no gain or loss is recorded on these transactions, regardless of whether to a related or unrelated party. Investments in real estate loans are secured by deeds of trust or mortgages. Generally, our real estate loans require interest only payments with a balloon payment of the principal at maturity. We have both the intent and ability to hold real estate loans until maturity and therefore, real estate loans are classified and accounted for as held for investment and are carried at amortized cost. Loans sold to or purchased from affiliates are accounted for at the principal balance and no gain or loss is recognized by us or any affiliate. Loan-to-value ratios are initially based on appraisals obtained at the time of loan origination and are updated, when new appraisals are received or when management’s assessment of the value has changed, to reflect subsequent changes in value estimates. Such appraisals are generally dated within 12 months of the date of loan origination and may be commissioned by the borrower. The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include troubled debt restructuring, and performing and non-performing loans in which full payment of principal or interest is not expected. The Company calculates an allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or at the loan’s observable market price or the fair value of its collateral. Loans that have been modified from their original terms are evaluated to determine if the loan meets the definition of a Troubled Debt Restructuring (“TDR”) as defined by ASC 310-40. When the Company modifies the terms of an existing loan that is considered a TDR, it is considered performing as long as it is in compliance with the modified terms of the loan agreement. If the modification calls for deferred interest, it is recorded as interest income as cash is collected. Allowance for Loan Losses We maintain an allowance for loan losses on our investments in real estate loans for estimated credit impairment. Our manager’s estimate of losses is based on a number of factors including the types and dollar amounts of loans in the portfolio, adverse situations that may affect the borrower’s ability to repay, prevailing economic conditions and the underlying collateral securing the loan. Additions to the allowance are provided through a charge to earnings and are based on an assessment of certain factors, which may indicate estimated losses on the loans. Actual losses on loans are recorded first as a reduction to the allowance for loan losses. Generally, subsequent recoveries of amounts previously charged off are recognized as income. Estimating allowances for loan losses requires significant judgment about the underlying collateral, including liquidation value, condition of the collateral, competency and cooperation of the related borrower and specific legal issues that affect loan collections or taking possession of the property. As a commercial real estate lender willing to invest in loans to borrowers who may not meet the credit standards of other financial institutional lenders, the default rate on our loans could be higher than those generally experienced in the real estate lending industry. We and our manager generally approve loans more quickly than other real estate lenders and, due to our expedited underwriting process; there is a risk that the credit inquiry we perform will not reveal all material facts pertaining to a borrower and the security. Additional facts and circumstances may be discovered as we continue our efforts in the collection and foreclosure processes. This additional information often causes management to reassess its estimates. In recent years, we have revised estimates of our allowance for loan losses. Circumstances that have and may continue to cause significant changes in our estimated allowance include, but are not limited to: · Declines in real estate market conditions, which can cause a decrease in expected market value; · Discovery of undisclosed liens for community improvement bonds, easements and delinquent property taxes; · Lack of progress on real estate developments after we advance funds. We customarily utilize disbursement agents to monitor the progress of real estate developments and approve loan advances. After further inspection of the related property, progress on construction occasionally does not substantiate an increase in value to support the related loan advances; · Unanticipated legal or business issues that may arise subsequent to loan origination or upon the sale of foreclosed property; and · Appraisals, which are only opinions of value at the time of the appraisal, may not accurately reflect the value of the property. Discontinued Operations We have reclassified for all periods presented in the accompanying consolidated statements of operations, the amounts related to discontinued operations and real estate held for sale, in accordance with the applicable accounting criteria. In addition, the assets and liabilities related to the discontinued operations are reported separately in the accompanying consolidated balance sheets as real estate held for sale, assets held for sale, and liabilities related to assets held for sale. Real Estate Owned Held for Sale Real estate owned held for sale (“REO”) includes real estate acquired through foreclosure and will be carried at the lower of the recorded amount, inclusive of any senior indebtedness, or the property's estimated fair value, less estimated costs to sell, with fair value based on appraisals and knowledge of local market conditions. While pursuing foreclosure actions, we seek to identify potential purchasers of such property. We generally seek to sell properties acquired through foreclosure as quickly as circumstances permit, taking into account current economic conditions. The carrying values of REO are assessed on a regular basis from updated appraisals, comparable sales values or purchase offers. Management classifies real estate as REO when the following criteria are met: · Management commits to a plan to sell the properties; · The property is available for immediate sale in its present condition subject only to terms that are usual and customary; · An active program to locate a buyer and other actions required to complete a sale have been initiated; · The sale of the property is probable; · The property is being actively marketed for sale at a reasonable price; and · Withdrawal or significant modification of the sale is not likely. Classification of Operating Results from Real Estate Held for Sale Generally, operating results and cash flows from long-lived assets held for sale are to be classified as discontinued operations as a separately stated component of net income. Our operations related to REO are separately identified in the accompanying consolidated statements of operations. Acquisitions The Company records the acquired tangible and intangible assets and assumed liabilities of acquisitions of all operating properties and those development and redevelopment opportunities that meet the accounting criteria to be accounted for as business combinations at fair value at the acquisition date. The Company assesses and considers fair value based on estimated cash flow projections that utilize available market information and discount and/or capitalization rates that the Company deems appropriate. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, construction in progress and identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market operating leases and ground leases, acquired in-place lease values and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place operating lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non-cancellable lease term and (ii) management's estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition measured over the remaining non-cancellable term of the lease for above-market operating leases and the initial non-cancellable term plus the term of any below-market fixed rate renewal options, if applicable, for below-market operating leases. The amounts recorded for above-market operating leases are included in deferred leasing costs and acquisition-related intangibles, net on the balance sheet and are amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable leases. The amounts recorded for below-market operating leases are included in deferred revenue and acquisition-related liabilities, net on the balance sheet and are amortized on a straight-line basis as an increase to rental income over the remaining term of the applicable leases plus the term of any below-market fixed rate renewal options, if applicable. Our below-market operating leases generally do not include fixed rate or below-market renewal options. The fair value of acquired in-place leases is derived based on management's assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. This fair value is based on a variety of considerations including, but not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases; (2) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed lease-up period; and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Factors considered by us in performing these analyses include an estimate of the carrying costs during the expected lease-up periods, current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand at market rates. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amount recorded for acquired in-place leases is included in deferred leasing costs and acquisition-related intangibles, net on the balance sheet and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If a lease were to be terminated or if termination were determined to be likely prior to its contractual expiration (for example resulting from bankruptcy), amortization of the related unamortized in-place lease intangible would be accelerated. The determination of the fair value of any debt assumed in connection with a property acquisition is estimated by discounting the future cash flows using interest rates available for the issuance of debt with similar terms and remaining maturities. The determination of the fair value of the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions requires us to make significant judgments and assumptions about the numerous inputs discussed above. The use of different assumptions in these fair value calculations could significantly affect the reported amounts of the allocation of our acquisition related assets and liabilities and the related amortization and depreciation expense recorded for such assets and liabilities. In addition, because the value of above and below market leases are amortized as either a reduction or increase to rental income, respectively, our judgments for these intangibles could have a significant impact on our reported rental revenues and results of operations. Costs directly associated with all operating property acquisitions and those development and redevelopment acquisitions that meet the accounting criteria to be accounted for as business combinations are expensed as incurred. Our acquisition expenses are directly related to our acquisition activity and if our acquisition activity was to increase or decrease, so would our acquisition costs. Costs directly associated with development acquisitions accounted for as asset acquisitions are capitalized as part of the cost of the acquisition. During the nine months ended September 30, 2015, the Company did not capitalize any such acquisition costs. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. Cash and Cash Equivalents Cash and cash equivalents include interest-bearing and non-interest bearing bank deposits, money market accounts, short-term certificates of deposit with original maturities of three months or less, and short-term instruments with a liquidation provision of one month or less. Revenue Recognition The Company recognizes interest income from loans on an accrual basis over the expected terms of the loans using the effective interest method. The Company may recognize fees, discounts, premiums, anticipated exit fees and direct cost over the terms of the loans as an adjustment to the yield. The Company may recognize fees on commitments that expire unused at expiration. The Company may recognize interest income from available-for-sale securities on an accrual basis over the life of the investment on a yield-to-maturity basis. Interest is fully allowed for on impaired loans and is recognized on a cash basis method. The receipt of previous loan or note receivable allowances or impairments are recognized as revenue. The Company’s revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Since some of the Company’s leases will provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company will continually review receivables related to rent and unbilled rent receivables and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the Company’s allowance for uncollectible accounts or record a direct write-off of the receivable in the Company’s consolidated statements of operations. Advertising Costs Advertising costs incurred in the normal course of operations are expensed as incurred. The Company had no advertising expense for the three and nine months ended September 30, 2015 and 2014. Investments in Real Estate and Fixed Assets Investments in real estate and fixed assets are stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which are primarily 3 to 40 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense). The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability. Investment in Marketable Securities Investment in marketable securities consists of stock in VRM I, a related party. The securities are stated at fair value as determined by the closing market prices as of September 30, 2015 and December 31, 2014. All securities are classified as available-for-sale. We are required to evaluate our available-for-sale investment for other-than-temporary impairment charges. We will determine when an investment is considered impaired (i.e., decline in fair value below its amortized cost), and evaluate whether the impairment is other than temporary (i.e., investment value will not be recovered over its remaining life). If the impairment is considered other than temporary, we will recognize an impairment loss equal to the difference between the investment’s cost and its fair value. Basic and Diluted Earnings Per Common Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS is similar to basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been exercised. We had no outstanding common share equivalents during the periods ended September 30, 2015 and December 31, 2014. Common Stock Dividends During June 2008, our Board of Directors decided to suspend the payment of dividends. Our Board of Directors will closely monitor our operating results in order to determine when dividends should be reinstated; however, we do not expect our Board of Directors to reinstate dividends in the foreseeable future. Treasury Stock On March 21, 2007, our Board of Directors authorized the repurchase of up to $10 million worth of our common stock. On November 17, 2014, our Board of Directors authorized the repurchase of an additional $500,000 in common stock. Depending upon market conditions, shares may be repurchased from time to time at prevailing market prices through open market or privately negotiated transactions. We are not obligated to purchase any shares. Subject to applicable securities laws, including SEC rule 10b-18, repurchases may be made at such times and in such amounts, as our management deems appropriate. The share repurchase program may be discontinued or terminated at any time and we have not established a date for completion of the share repurchase program. The repurchases will be funded from our available cash. We record our treasury stock using the cost method. Under the Maryland General Corporation Law, shares of its own stock acquired by a corporation constitute authorized but unissued shares. Segments We currently are authorized to operate three reportable segments, investments in real estate loans, investments in real property and investment in a real estate management company. As of September 30, 2015, the Company operates in all segments. Our objective is to invest approximately 97% of our assets in real estate loans and real estate related investments, while maintaining approximately 3% as a working capital cash reserve. Reclassifications Amounts listed in connection with assets held for sale, including liabilities related to assets held for sale, in the 2014 consolidated financial statements have been reclassified to conform to the September 30, 2015 presentation. This reclassification resulted in no net effect on the 2014 consolidated financial statements. Principles of Consolidation Our consolidated financial statements include the accounts of VRM II; Building A, LLC, Building C, LLC, Wolfpack Properties, LLC; Devonshire, LLC; SE Properties, LLC; ExecuSuites, LLC; MVP Advisors; and MVP Capital Partners II, LLC, as well as the results of operations of the Company’s assets that have been sold during 2014. All significant intercompany transactions and balances have been eliminated in consolidation. Business Combinations In December 2007, the Financial Accounting Standards Board (FASB) revised the authoritative guidance for business combinations, establishing principles and requirements for how an acquirer recognizes and measures in its financial statements the identifiable assets acquired (including goodwill), the liabilities assumed, and any noncontrolling interest in the acquiree. Subsequently, on April 1, 2009, the FASB amended and clarified certain aspects of its authoritative guidance on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. We apply the FASB authoritative guidance to all business combinations for which the acquisition date is on or after January 1, 2009, and to certain future income tax effects related to our prior business combinations, should they arise. Non-controlling Interests The FASB issued authoritative guidance for non-controlling interests in December 2007, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. The guidance clarifies that a non-controlling interest in a subsidiary, which is sometimes referred to as an unconsolidated investment, is an ownership interest in the consolidated entity that should be reported as a component of equity in the consolidated financial statements. Among other requirements, the guidance requires consolidated net income to be reported at amounts attributable to both the parent and the non-controlling interest. It also requires disclosure, on the face of the consolidated income statement, of the amounts of consolidated net income attributable to the parent and to the non-controlling interest. Income Taxes The Company accounts for its income taxes under the assets and liabilities method, which requires recognition of deferred tax assets and liabilities for future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company was to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, they would make an adjustment to the valuation allowance which would reduce the provision for income taxes. The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also, included is guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Financial Instruments And Conce

Financial Instruments And Concentrations Of Credit Risk	9 Months Ended
	Sep. 30, 2015
Risks and Uncertainties [Abstract]
Financial Instruments And Concentrations Of Credit Risk	NOTE C — FINANCIAL INSTRUMENTS AND CONCENTRATIONS OF CREDIT RISK Financial instruments consist of cash, interest and other receivables, notes receivable, accounts payable and accrued liabilities, due to/from related parties and notes payable. The carrying values of these instruments approximate their fair values due to their short-term nature. Marketable securities – related party and investment in real estate loans are further described in Note J – Fair Value Financial instruments with concentration of credit and market risk include cash, interest and other receivables, marketable securities - related party, notes receivable, accounts payable and accrued liabilities, due to/from related parties, notes payable, and loans secured by deeds of trust. We maintain cash deposit accounts and certificates of deposit that, at times, may exceed federally-insured limits. To date, we have not experienced any losses. As of September 30, 2015 and December 31, 2014 we had approximately $5.3 and $5.5 million of funds, respectively, in excess of the federally-insured limits. As of September 30, 2015, 100% of our loans were loans in which we participated with other lenders, most of whom are our affiliates. As of September 30, 2015, 89% of our loans were in Nevada compared to 69% and 27% in Nevada and California, respectively, at December 31, 2014. At September 30, 2015 and December 31, 2014, the loan to our largest borrower represented approximately 88% and 32%, respectively, of our total investment in real estate loans. This real estate loan is a commercial loan secured by property located in Nevada, with a first lien position. The interest rate is 15%, the outstanding balance is approximately $2.5 million and the loan is considered a non-performing loan. The success of a borrower’s ability to repay its real estate loan obligation in a large lump-sum payment may be dependent upon the borrower’s ability to refinance the obligation or otherwise raise a substantial amount of cash. With the weakened economy, credit continues to be difficult to obtain and as such, many of our borrowers who develop and sell commercial real estate projects have been unable to complete their projects, obtain takeout financing or have been otherwise adversely impacted. In addition, an increase in interest rates over the loan rate applicable at origination of the loan may have an adverse effect on our borrower’s ability to refinance. Common Guarantors As of December 31, 2014, two loans totaling approximately $0.5 million, representing approximately 6.8% of our portfolio’s total value, had a common guarantor. At December 31, 2014 these loans were considered performing. As of September 30, 2015, these loans were paid in full. As of December 31, 2014, there were two loans, totaling approximately $1.1 million, representing approximately 14.3% of our portfolio’s total value, which had a common guarantor. At December 31, 2014, these loans were considered performing. As of September 30, 2015, these loans were paid in full. As of September 30, 3015, three loans totaling approximately $0.3 million, representing approximately 88.1% of our portfolio’s total value, have a common guarantor. At December 31, 2014 these loans represented less than 5% of our portfolio.

Investments In Real Estate Loan

Investments In Real Estate Loans	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Investments In Real Estate Loans	NOTE D — INVESTMENTS IN REAL ESTATE LOANS As of September 30, 2015 and December 31, 2014, most of our loans provided for interest only payments with a “balloon” payment of principal payable and any accrued interest payable in full at the end of the term. As of September 30, 2015 and December 31, 2014, three loans had variable interest rates adjusted quarterly at a rate of prime plus 3.30% (6.55% as of September 30, 2015 and December 31, 2014). The balance on these loans was approximately $0.3 million as of September 30, 2015 and December 31, 2014. In addition, we may invest in real estate loans that require borrowers to maintain interest reserves funded from the principal amount of the loan for a period of time. At September 30, 2015 and December 31, 2014, we had one investment in real estate loans that had interest reserves, respectively. Loan Portfolio As of September 30, 2015, we had five available real estate loan products consisting of commercial, construction, acquisition and development, land and residential. The effective interest rates on all product categories range from 8% to 15% which includes performing loans that are being fully or partially accrued and will be payable at maturity. Revenue by product will fluctuate based upon relative balances during the period. Investments in real estate loans as of September 30, 2015, were as follows: Loan Type Number of Loans Balance * Weighted Average Interest Rate Portfolio Percentage Current Weighted Average Loan-To-Value, Net of Allowance for Loan Losses Commercial 6 $ 2,803,000 14.24% 100% 13.27% Construction -- -- -- -- -- Total 6 $ 2,803,000 14.24% 100.00% 13.27% Investments in real estate loans as of December 31, 2014, were as follows: Loan Type Number of Loans Balance * Weighted Average Interest Rate Portfolio Percentage Current Weighted Average Loan-To-Value, Net of Allowance for Loan Losses Commercial 11 $ 5,579,000 10.88% 73.04% 43.43% Construction 1 2,058,000 9.00% 26.96% 67.63% Total 12 $ 7,637,000 10.37% 100.00% 53.03% * Please see Balance Sheet Reconciliation The “Weighted Average Interest Rate” as shown above is based on the contractual terms of the loans for the entire portfolio including non-performing loans. The weighted average interest rate on performing loans only, as of September 30, 2015 and December 31, 2014, was 8.93% and 8.18%, respectively. Please see “Non-Performing Loans” and “Asset Quality and Loan Reserves” below for further information regarding performing and non-performing loans. Loan-to-value ratios are generally based on the most recent appraisals and may not reflect subsequent changes in value and include allowances for loan losses. Recognition of allowance for loan losses will result in a maximum loan-to-value ratio of 100% per loan. The following is a schedule of priority of real estate loans as of September 30, 2015 and December 31, 2014: Loan Type Number of Loans September 30, 2015 Balance* Portfolio Percentage Number of Loans December 31, 2014 Balance* Portfolio Percentage First deeds of trust 6 $ 2,803,000 100.00% 11 $ 7,342,000 96.14% Second deeds of trust -- -- -- 1 295,000 3.86% Total 6 $ 2,803,000 100.00% 12 $ 7,637,000 100.00% * Please see Balance Sheet Reconciliation The following is a schedule of contractual maturities of investments in real estate loans as of September 30, 2015: Non-performing and past due loans $ 2,450,000 January 2015 –March 2015 -- April 2015 – June 2015 -- July 2015 – September 2015 -- October 2015 – December 2015 -- Thereafter 353,000 Total $ 2,803,000 The following is a schedule by geographic location of investments in real estate loans as of September 30, 2015 and December 31, 2014: September 30, 2015 Balance * Portfolio Percentage December 31, 2014 Balance * Portfolio Percentage Nevada $ 2,486,000 88.69% $ 5,264,000 68.93% California -- -- 2,059,000 26.96% Ohio 311,000 11.10% 314,000 4.11% Arizona 6,000 0.21% Total $ 2,803,000 100.00% $ 7,637,000 100.00% * Please see Balance Sheet Reconciliation Balance Sheet Reconciliation The following table reconciles the balance of the loan portfolio to the amount shown on the accompanying Consolidated Balance Sheets. September 30, 2015 December 31, 2014 Balance per loan portfolio $ 2,803,000 $ 7,637,000 Less: Allowance for loan losses (a) (2,450,000) (2,450,000) Balance per consolidated balance sheets $ 353,000 $ 5,187,000 (a) Please refer to Specific Reserve Allowance Non-Performing Loans As of September 30, 2015 and December 31, 2014, we had one loan considered non-performing (i.e., based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement or when the payment of interest is 90 days past due). This loan is currently carried on our books at a value of $0, net of allowance for loan losses of approximately $2.5 million. This loan has been placed on non-accrual of interest status. At September 30, 2015 and December 31, 2014, the following loan types were non-performing: Loan Type Number Of Non-Performing Loans Balance Allowance for Loan Losses Net Balance Commercial 1 $ 2,450,000 $ (2,450,000) $ -- Total 1 $ 2,450,000 $ (2,450,000) $ -- Asset Quality and Loan Reserves Losses may occur from investing in real estate loans. The amount of losses will vary as the loan portfolio is affected by changing economic conditions and the financial condition of borrowers. The conclusion that a real estate loan is uncollectible or that collectability is doubtful is a matter of judgment. On a quarterly basis, our manager evaluates our real estate loan portfolio for impairment. The fact that a loan is temporarily past due does not necessarily mean that the loan is non-performing. Rather, all relevant circumstances are considered by our manager to determine impairment and the need for specific reserves. Such evaluation, which includes a review of all loans on which full collectability may not be reasonably assured, considers among other matters: · Prevailing economic conditions; · Historical experience; · The nature and volume of the loan portfolio; · The borrowers’ financial condition and adverse situations that may affect the borrowers’ ability to pay; · Evaluation of industry trends; and · Estimated net realizable value of any underlying collateral in relation to the loan amount. Based upon this evaluation, a determination is made as to whether the allowance for loan losses is adequate to cover any potential losses on an individual loan basis; we do not have a general allowance for loan losses. Additions to the allowance for loan losses are made by charges to the provision for loan loss. As of September 30, 2015, our ratio of total allowance for loan losses to total loans with an allowance for loan loss was 100%. The following is a breakdown of allowance for loan losses related to performing loans and non-performing loans as of September 30, 2015 and December 31, 2014: As of September 30, 2015 Balance Allowance for loan losses ** Balance, net of allowance Non-performing loans – no related allowance $ -- $ -- $ -- Non-performing loans – related allowance 2,450,000 (2,450,000) -- Subtotal non-performing loans 2,450,000 (2,450,000) -- Performing loans – no related allowance 353,000 -- 353,000 Performing loans – related allowance -- -- -- Subtotal performing loans 353,000 -- 353,000 Total $ 2,803,000 $ (2,450,000) $ 353,000 As of December 31, 2014 Balance Allowance for loan losses ** Balance, net of allowance Non-performing loans – no related allowance $ -- $ -- $ -- Non-performing loans – related allowance 2,450,000 (2,450,000) -- Subtotal non-performing loans 2,450,000 (2,450,000) -- Performing loans – no related allowance 5,187,000 -- 5,187,000 Performing loans – related allowance -- -- -- Subtotal performing loans 5,187,000 -- 5,187,000 Total $ 7,637,000 $ (2,450,000) $ 5,187,000 ** Please refer to Specific Reserve Allowances Our manager evaluated our loans and, based on current estimates with respect to the value of the underlying collateral, believes that such collateral is sufficient to protect us against further losses of principal. However, such estimates could change or the value of the underlying real estate could decline. Our manager will continue to evaluate our loans in order to determine if any other allowance for loan losses should be recorded. Specific Reserve Allowances As of September 30, 2015 and December 31, 2014, we have provided a specific reserve allowance for one non-performing loan based on updated appraisals of the underlying collateral and/or our evaluation of the borrower. The following table is a roll-forward of the allowance for loan losses for the periods ended September 30, 2015 and December 31, 2014 by loan type. We will continue to evaluate our position in this loan. Loan Type Balance at 12/31/2014 Specific Reserve Allocation Loan Pay Downs Write-off Transfers to REO or Notes Receivable Balance at 09/30/15 Commercial $ 2,450,000 $ -- $ -- $ -- $ -- $ 2,450,000 Total $ 2,450,000 $ -- $ -- $ -- $ -- $ 2,450,000 Loan Type Balance at 12/31/2013 Specific Reserve Allocation Loan Pay Downs Write-off Transfers to REO or Notes Receivable Balance at 12/31/14 Commercial $ 2,500,000 -- $ (50,000) $ -- $ -- $ 2,450,000 Total $ 2,500,000 $ -- $ (50,000) $ -- $ -- $ 2,450,000 Extensions As of September 30, 2015 and December 31, 2014, our manager had granted extensions on one and five outstanding loans, respectively, totaling approximately $2.5 million and $13.6 million, respectively, of which our portion was approximately $36,000 and $5.1 million, respectively, pursuant to the terms of the original loan agreements, which permit extensions by mutual consent, or as part of a TDR. Such extensions are generally provided on loans where the original term was 12 months or less and where a borrower requires additional time to complete a construction project or negotiate take-out financing. Our manager generally grants extensions when a borrower is in compliance with the material terms of the loan, including, but not limited to the borrower’s obligation to make interest payments on the loan. In addition, if circumstances warrant, our manager may extend a loan that is in default as part of a work out plan to collect interest and/or principal. As of September 30, 2015 and December 31, 2014, one and five of the loans, respectively, that have been granted extensions were performing.

Investment In Delaware Statutor

Investment In Delaware Statutory Trust	9 Months Ended
	Sep. 30, 2015
Notes to Financial Statements
Investment In Delaware Statutory Trust	NOTE E —INVESTMENTS IN DELAWARE STATUTORY TRUST As of September 30, 2015, we have an investment in two Delaware Statutory Trusts (“DST”) for $3.6 million which has a mandatory repurchase agreement which, for accounting purposes, is accounted for in a manner similar to a loan. Both DSTs hold commercial property located in Illinois, which we consider to be the collateral on this loan. Additionally, the DST is guaranteed by a third party Broker Dealer who has a selling agreement with MVP REIT. Certain members of the Broker Dealer’s management also guaranteed this loan.

Assets Held For Sale

Assets Held For Sale	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Assets Held For Sale	NOTE F —ASSETS HELD FOR SALE During April 2015, we committed to a plan to sell all interests in our six office buildings, at which point we began classifying the related assets as assets held for sale, and the related liabilities as liabilities related to assets held for sale. Additionally, we have classified the six office building’s operating results of operations as discontinued operations. Assets and groups of assets and liabilities which comprise disposal groups are classified as “held for sale” when all of the following criteria are met: a decision has been made to sell, the assets are available for sale immediately, the assets are being actively marketed at a reasonable price in relation to the current fair value, a sale has been or is expected to be concluded within twelve months of the balance sheet date, and significant changes to the plan to sell are not expected. Assets held for sale are not depreciated. Additionally, the operating results and cash flows related to these assets and liabilities are included in discontinued operations in the consolidated statements of operations and consolidated statements of cash flows for the nine months ended September 30, 2015. The following is summary of net assets held for sale through September 30, 2015: September 30, 2015 Assets: Current assets $ 1,034,000 Property and equipment 54,433,000 Total assets $ 55,467,000 Liabilities: Accounts payable and accrued liabilities $ 243,000 Notes payable 30,542,000 Total liabilities 30,785,000 Net assets held for sale $ 24,682,000 The following is a summary of the results of operations related to the assets held for sale for the three and nine months ended September 30, 2015 and 2014: For The Three Months Ended September 30, For The Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ 1,200,000 $ 985,000 $ 3,633,000 $ 1,388,000 Revenue eliminated through consolidation (67,000) -- (201,000) -- Expenses (794,000) (685,000) (2,430,000) (988,000) Net income $ 339,000 $ 300,000 $ 1,002,000 $ 400,000

Investment In Marketable Securi

Investment In Marketable Securities - Related Party	9 Months Ended
	Sep. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Investment In Marketable Securities - Related Party	NOTE G — INVESTMENT IN MARKETABLE SECURITIES – RELATED PARTY In December 2014, VRM I effected a 1 for 4 reverse split of its common stock. All share and per share information in VRM I’s consolidated financial statements and its accompanying notes have been adjusted to retroactively reflect the 1 for 4 reverse stock split. As of September 30, 2015, we owned 134,545 shares of VRM I’s common stock, representing approximately 10.33% of the total outstanding shares. The closing price of VRM I’s common stock on September 30, 2015, was $4.96 per share. During the three months ended September 30, 2015, the trading price for VRM I’s common stock ranged from $3.15 to $5.50 per share. At December 31, 2014, our manager evaluated the near-term prospects of VRM I in relation to the severity and duration of the unrealized loss. Based on that evaluation and current market conditions, we have determined there was an other-than-temporary impairment on our investment in VRM I as of December 31, 2014, totaling approximately $0.5 million and recognizing an impairment of approximately $0.1 million.

Real Estate Owned Held For Sale

Real Estate Owned Held For Sale	9 Months Ended
	Sep. 30, 2015
Real Estate [Abstract]
Real Estate Owned Held For Sale	NOTE H — REAL ESTATE OWNED HELD FOR SALE At September 30, 2015, we held one property with no carrying value, which was acquired through foreclosure and recorded as investment in REO. Our REO are accounted for at the lower of cost or fair value less costs to sell with fair value based on appraisals and knowledge of local market conditions. We seek to sell properties acquired through foreclosure as quickly as circumstances permit taking into account current economic conditions.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	NOTE I — RELATED PARTY TRANSACTIONS Transactions with the Manager Our manager is entitled to receive from us an annual management fee of up to 0.25% of our aggregate capital contributions received by us and Fund II from the sale of shares or membership units, paid monthly. The amount of management fees earned by our manager for the three months ended September 30, 2015 and 2014 were approximately $274,000, during each period. The amount of management fees earned by our manager for the nine months ended September 30, 2015 and 2014 were approximately $822,000 and $823,000, respectively. As of September 30, 2015 and December 31, 2014, our manager owned 23,175 of our common shares, representing approximately 0.9% of our total outstanding common stock at the respective dates. As of September 30, 2015 and December 31, 2014, we had receivables from our manager of approximately $20,000 related to consulting and accounting fees. During September 2015, we and VRM I paid the manager approximately $0.3 million in fees, of which our portion was approximately $0.2 million, related to the investment in Delaware Statutory Trust. Transactions with Other Related Parties During the three months ended September 30, 2015, the trading price for VRM I’s common stock ranged from $3.15 to $5.50 per share. At December 31, 2014, our manager evaluated the near-term prospects of VRM I in relation to the severity and duration of the unrealized loss. Based on that evaluation and current market conditions, we have determined there was an other-than-temporary impairment on our investment in VRM I as of December 31, 2014, totaling approximately $0.5 million and recognizing an impairment of approximately $0.1 million. For the three and nine months ended September 30, 2015 and 2014, we recognized no dividend income from VRM I. As of September 30, 2015 and December 31, 2014, VRM I owned 134,270 of our common shares, representing approximately 5.4% of our total outstanding common stock for both periods. As of September 30, 2015, we had a receivable from VRM I of approximately $15,000. As of December 31, 2014 we had a receivable from VRM I of approximately $30,000, primarily related to asset transfer and legal fees. As of September 30, 2015, we had a receivable from Fund III of approximately $1,000. As of December 31, 2014 we had a receivable from Fund III of approximately $4,000. As of September 30, 2015 and December 31, 2014 we had a receivable from Vestin Mortgage of approximately $0.3 million and $0.1 million, respectively, related to payroll expenses paid by MVP Advisors. As of September 30, 2015 and December 31, 2014, MVP Advisors owed VRM I approximately $2.0 million and $1.4 million, respectively. As of September 30, 2015 and December 31, 2014, we owned a 60% interest in MVP Advisors, the advisor of MVP REIT and MVP REIT II, Inc. MVP Advisors is entitled to receive a monthly asset management fee at an annual rate equal to 0.85% of the fair market value of (i) all assets then held by MVP REIT or (ii) MVP REIT’s proportionate share thereof in the case of an investment made through a joint venture or other co-ownership arrangement, excluding (only for clause (ii)) debt financing obtained by MVP REIT or made available to MVP REIT. The fair market value of real property shall be based on annual “AS-IS”, “WHERE-IS” appraisals, and the fair market value of real estate-related secured loans shall be equal to the face value of such loan, unless it is non-performing, in which case the fair market value shall be equal to the book value of such loan. The asset management fee will be reduced to 0.75% if MVP REIT is listed on a national securities exchange. Asset management fees for the three months ended September 30, 2015 and 2014 were approximately $146,000 and $68,000, respectively. Asset management fees for the nine months ended September 30, 2015 and 2014 were approximately $324,000 and $304,000, respectively. MVP Advisors receives a monthly debt financing fee at an annual rate equal to 0.25% of the aggregate debt financing obtained by MVP REIT or made available to MVP REIT, such as mortgage debt, lines of credit, and other term indebtedness, including refinancing’s. In the case of a joint venture, MVP REIT pays this fee only on MVP REIT’s pro rata share. Debt financing fees for the three months ended September 30, 2015 and 2014 were approximately $18,000, and $10,000, respectively. Debt financing fees for the nine months ended September 30, 2015 and 2014 were approximately $48,000, and $22,000, respectively. As of September 30, 2015 we have made loans of approximately $12.3 million to MVP Advisors, the manager of MVP REIT. We believe MVP Advisors has the opportunity to generate fees for the services it will render to MVP REIT. However, such fees may not be significant in the near term as MVP REIT only recently commenced operations in December 2012, and over the next 12 months, there may be a diminution of our liquid assets. If MVP REIT is unable to raise sufficient capital in its publicly registered offering or deploy the capital and operate its business successfully, then our return on our investment in MVP Advisor and the ability of MVP Advisor to repay our loans could be adversely impacted. We have not forgiven the balance due from MVP Advisor; however the decision by MVP Advisor to forgive certain amounts creates additional uncertainty as to when we will be repaid the amounts loaned to MVP Advisor. Based on these uncertainties, we have determined to fully impair the balance of this investment and note receivable. As consideration for the initial investment of $0.2 million MVP CP II received 8,000 shares of common stock in MVP REIT II. As of September 30, 2015 we have made loans of approximately $0.8 million to MVP CP II. Similar to our investments in MVP Advisors in connection with MVP REIT, the return on our investment in MVP CP II in connection with MVP REIT II, including the ability of MVP CP II to repay its loans, will likely depend upon the success of the pending public offering of MVP REIT II and the ability of MVP CP II and MVP Advisor to successfully deploy the offering proceeds. Based on uncertainties regarding repayment, during the nine months ended September 30, 2015, we have determined to fully impair the entire balance of this loan. From time to time, we may also jointly invest in real property or real estate loans with our affiliates, including VRM I and MVP REIT, Inc. These investments are described elsewhere in this report and incorporated herein by reference. From time to time, we may also acquire or sell investments in real estate or in real estate loans from/to our manager or other related parties. Pursuant to the terms of our Management Agreement, such acquisitions and sales are made without any mark up or mark down. No gain or loss is recorded on these transactions, as it is not our intent to make a profit on the purchase or sale of such investments. The purpose is generally to diversify our portfolio by syndicating loans and real estate investments, thereby providing us with additional capital to make additional loans and investments in real estate. On November 25, 2014, Shustek Investments Inc, a company wholly owned by our CEO Mike Shustek, entered into a loan purchase contract with us to acquire a loan with a book value of approximately $2.4 million. The loan was originated during March 2009 with an original principal balance of $7.45 million earning interest at a rate of 11% per annum. The borrower made principal payments during the life of the loan; however, they also received extensions for the maturity of the note. As of the date of the loan purchase contract, the loan was extended through January 2015. The purchase price of the loan was approximately $3.0 million, which includes the purchase of interest assigned to third parties. As additional consideration we may receive 50% of any amount collected in excess of the purchase price less any expenses incurred by Shustek Investments. After three years the 50% shall be reduced to 33%. This transaction resulted in a gain on sale of loan – related party totaling approximately $0.6 million for the year ended December 31, 2014. During the quarter ended March 31, 2015, this loan was paid in full and we received approximately $1.6 million. Accounting services During the three months ended and 2014, Accounting Solutions, an entity owned by , the Company’s Chief Financial Officer, received fees of approximately $23,000 and $17,000, respectively, for accounting services. During the nine months ended and 2014, Accounting Solutions received fees of approximately $52,000 and $40,000, respectively, for accounting services. During the three months ended , Strategix Solutions, an entity owned by , the Company’s Chief Financial Officer, received fees of approximately $82,000 and $34,000, respectively, for accounting services. During the nine months ended , Strategix Solutions received fees of approximately $219,000 and $101,000, respectively, for accounting services.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value	NOTE J — FAIR VALUE As of September 30, 2015 and December 31, 2014, financial assets and liabilities utilizing Level 1 inputs included investment in marketable securities - related party and third party. We had no assets or liabilities utilizing Level 2 inputs, and assets and liabilities utilizing Level 3 inputs included investments in real estate loans and investments in equity method investees, both held for sale and not held for sale. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, our degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset or liability will be classified in its entirety based on the lowest level of input that is significant to the measurement of fair value. Fair value is a market-based measure considered from the perspective of a market participant who holds the asset or owes the liability rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, our own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date. We use prices and inputs that are current as of the measurement date, including during periods of market dislocation, such as the recent illiquidity in the auction rate securities market. In periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition may cause our financial instruments to be reclassified from Level 1 to Level 2 or Level 3 and/or vice versa. Our valuation techniques will be consistent with at least one of the three possible approaches: the market approach, income approach and/or cost approach. Our Level 1 inputs are based on the market approach and consist primarily of quoted prices for identical items on active securities exchanges. Our Level 2 inputs are primarily based on the market approach of quoted prices in active markets or current transactions in inactive markets for the same or similar collateral that do not require significant adjustment based on unobservable inputs. Our Level 3 inputs are primarily based on the income and cost approaches, specifically, discounted cash flow analyses, which utilize significant inputs based on our estimates and assumptions. The following table presents the valuation of our financial assets and liabilities as of September 30, 2015 and December 31, 2014, measured at fair value on a recurring basis by input levels: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at 09/30/15 Carrying Value on Balance Sheet at 09/30/15 Assets Investment in marketable securities - related party $ 668,000 $ -- $ -- $ 668,000 $ 668,000 Investment in marketable securities $ 85,000 $ -- $ -- $ 85,000 $ 85,000 Investment in real estate loans $ -- $ -- $ 339,000 $ 339,000 $ 353,000 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at 12/31/14 Carrying Value on Balance Sheet at 12/31/14 Assets Investment in marketable securities - related party $ 461,000 $ -- $ -- $ 461,000 $ 461,000 Investment in real estate loans $ -- $ -- $ 5,167,000 $ 5,167,000 $ 5,187,000 The following table presents the changes in our financial assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) from January 1, 2015 to September 30, 2015: Investment in real estate loans Balance on January 1, 2015 $ 5,167,000 Purchase and additions of assets New mortgage loans and mortgage loans acquired 3,228,000 Purchase from third parties 200,000 Sales, pay downs and reduction of assets Collections and settlements of principal and sales of investment in real estate loans (5,945,000) Sale of assets to third parties (2,317,000) Temporary change in estimated fair value based on future cash flows 6,000 Balance on September 30, 2015, net of temporary valuation adjustment $ 339,000 The following table presents the changes in our financial assets and liabilities that are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) from January 1, 2014 to December 31, 2014: Investment in real estate loans Balance on January 1, 2014 $ 7,867,000 Purchase and additions of assets New mortgage loans and mortgage loans acquired 14,269,000 Purchase from third parties 498,000 Sales, pay downs and reduction of assets Collections and settlements of principal and sales of investment in real estate loans (6,546,000) Sale of assets to VRM I (2,823,000) Sale of assets to third parties (8,060,000) Temporary change in estimated fair value based on future cash flows (38,000) Balance on December 31, 2014, net of temporary valuation adjustment $ 5,167,000

Employee Benefit Plan

Employee Benefit Plan	9 Months Ended
	Sep. 30, 2015
Compensation and Retirement Disclosure [Abstract]
Employee Benefit Plan	NOTE K — EMPLOYEE BENEFIT PLAN MVP Advisors maintains a 401(k) Plan (the “Plan”), which is a defined contribution plan covering all eligible employees. Under the provisions of the Plan, participants may direct the Company to defer a portion of their compensation to the Plan, subject to Internal Revenue Code limitations. The Company provides for an employer matching contribution equal to 100% of the first 3% of eligible compensation and 50% of the next 2% of eligible compensation contributed by each employee, which is funded in cash. All contributions vest immediately. Total expense recorded for the matching 401(k) contribution in the three and nine months ended September 30, 2015 was approximately $9,000 and $24,000, respectively. The Plan started in 2015 so there is no similar expense in 2014.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Information	NOTE L — SEGMENT INFORMATION Company management reviews financial and operating performance in the following three separate operating segments: (1) investment in real estate loans, (2) investments in real property and (3) investment in a real estate management company. Selling, general and administrative expenses, primarily consisting of compensation of employees, seminar expense, professional fees and overhead costs not directly related to a specific operating segment, are reflected in the table below as corporate activities. Assets related to investments in real property are currently listed as held for sale. Revenue, net of expenses for this segment are reported in discontinued operations. The following are certain financial data for the Company’s operating segments for the periods: For The Three Months Ended September 30, For The Nine Months Ended September 30, 2015 2014 2015 2014 Revenues Investment in real estate loans $ 560,000 $ 265,000 $ 2,732,000 $ 684,000 Investment in real property held for sale 29,000 1,331,000 Investment in real estate management 164,000 78,000 372,000 327,000 Total revenues 753,000 343,000 4,435,000 1,011,000 Operating expenses Investment in real estate loans $ 274,000 $ 274,000 $ 822,000 $ 823,000 Investment in real property held for sale 1,000 7,000 3,000 32,000 Investment in real estate management 884,000 449,000 2,598,000 1,689,000 Corporate activities 3,196,000 1,105,000 7,505,000 3,171,000 Total expenses 4,355,000 1,835,000 10,928,000 5,715,000 Total Assets September 30, 2015 December 31, 2014 Investment in real estate loans $ 3,996,000 $ 5,190,000 Investment in real property held for sale 55,467,000 55,427,000 Corporate assets 7,307,000 8,298,000 Total assets $ 66,770,000 $ 68,915,000

Recent Accounting Pronouncement

Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2015
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	NOTE M — RECENT ACCOUNTING PRONOUNCEMENTS In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which provides guidance on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. In accordance with the guidance, all legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective in the first quarter of 2016, and early adoption is permitted. We are currently evaluating the potential impact of the adoption of ASU 2015-02 on our consolidated financial statements. On April 17, 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs

Legal Matters Involving The Man

Legal Matters Involving The Manager	9 Months Ended
	Sep. 30, 2015
Legal Matters Involving Manager
Legal Matters Involving The Manager	NOTE N — LEGAL MATTERS INVOLVING THE MANAGER The United States Securities and Exchange Commission (the “Commission”), conducted an investigation of certain matters related to us, our manager, Vestin Capital, VRM I, and Fund III. We fully cooperated during the course of the investigation. On September 27, 2006, the investigation was resolved through the entry of an Administrative Order by the Commission (the “Order”). Our manager, Vestin Mortgage and its Chief Executive Officer, Michael Shustek, as well as Vestin Capital (collectively, the “Respondents”), consented to the entry of the Order without admitting or denying the findings therein. In the Order, the Commission found that the Respondents violated Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 through the use of certain slide presentations in connection with the sale of units in Fund III and in our predecessor, Vestin Fund II, LLC. The Respondents consented to the entry of a cease and desist order, the payment by Mr. Shustek of a fine of $100,000 and Mr. Shustek’s suspension from association with any broker or dealer for a period of six months, which expired in March 2007. In addition, the Respondents agreed to implement certain undertakings with respect to future sales of securities. We are not a party to the Order. For additional information, see Note O – Legal Matters Involving the Company Other than the matters described above, our manager believes that it is not a party to any pending legal or arbitration proceedings that would have a material adverse effect on our manager’s financial condition or results of operations or cash flows, although it is possible that the outcome of any such proceedings could have a material impact on our manager’s net income in any particular period.

Legal Matters Involving The Com

Legal Matters Involving The Company	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Legal Matters Involving The Company	NOTE O — LEGAL MATTERS INVOLVING THE COMPANY On February 7, 2012, we, VRM I and Fund III entered into a Deed in Lieu Agreement with a borrower in lieu of the foreclosure of our subordinated secured loan which had matured on December 31, 2011, with a principal balance, net of allowance for loan loss, of approximately $9.9 million, of which our portion was approximately $9.0 million. Pursuant to the Deed in Lieu Agreement, our subsidiary 1701 Commerce, LLC (“1701 Commerce”) received a deed to the secured property operated as the Sheraton Hotel and Spa Fort Worth, Texas (the “Hotel”). On March 26, 2012, 1701 Commerce filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Northern District of Texas, Ft. Worth Division, to seek relief from a pending foreclosure of the Hotel by the senior mortgage lien holder and to preserve and protect 1701 Commerce’s equity and the interests of other Hotel creditors. Due to the uncertainty and disputes involving the Hotel, we recorded this investment as Other Real Estate Owned on our balance sheet until August 23, 2012. On July 17, 2013 the Hotel was sold to a third party for the sum of $49.3 million. The net proceeds of the sale and the cash on hand as of the date of the sale were used to pay all 1701 Commerce creditors 100% of their claim plus interest, with the balance distributed to us and our two partners, VRM I and Fund III. On February 4, 2015, the court entered its final decree closing the case. We hold an interest of approximately 90%, VRM I holds an interest of approximately 8% and Fund III holds an interest of approximately 2% in 1701 Commerce. In addition to the matters described above, we are involved in a number of other legal proceedings concerning matters arising in the ordinary course of our business activities. We believe we have meritorious defenses to each of these actions and intend to defend them vigorously. Other than the matters described above, we believe that we are not a party to any pending legal or arbitration proceedings that would have a material adverse effect on our financial condition or results of operations or cash flows, although it is possible that the outcome of any such proceedings could have a material impact on our operations in any particular period.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE P — SUBSEQUENT EVENTS The following subsequent events have been evaluated through the date of this filing with the SEC. MVP REIT II Convertible Stock Sandlapper additional DST investment Subsequent investment in CP II Oct 1 - filing

Summary Of Significant Accoun23

Summary Of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying unaudited condensed consolidated financial statements of the Company are prepared by management on the accrual basis of accounting and in accordance with principles generally accepted in the United States of America (“GAAP”) for interim financial information as contained in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”), and in conjunction with rules and regulations of the SEC. Certain information and footnote disclosures required for annual financial statements have been condensed or excluded pursuant to SEC rules and regulations. Accordingly, the unaudited condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements include accounts and related adjustments, which are, in the opinion of management, of a normal recurring nature and necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim period. Operating results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. These unaudited condensed consolidated financial statements should be read in conjunction with the condensed consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The condensed consolidated balance sheet as of December 31, 2014 contained herein has been derived from the audited consolidated financial statements as of December 31, 2014, but do not include all disclosures required by GAAP.
Management Estimates	Management Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Investments in Real Estate Loans	Investments in Real Estate Loans We may, from time to time, acquire or sell investments in real estate loans from or to our manager or other related parties pursuant to the terms of our Management Agreement without a premium. The primary purpose is to either free up capital to provide liquidity for various reasons, such as loan diversification, or place excess capital in investments to maximize the use of our capital. Selling or buying loans allows us to diversify our loan portfolio within these parameters. Due to the short-term nature of the loans we make and the similarity of interest rates in loans we normally would invest in, the fair value of a loan typically approximates its carrying value. Accordingly, discounts or premiums typically do not apply upon sales of loans and therefore, generally no gain or loss is recorded on these transactions, regardless of whether to a related or unrelated party. Investments in real estate loans are secured by deeds of trust or mortgages. Generally, our real estate loans require interest only payments with a balloon payment of the principal at maturity. We have both the intent and ability to hold real estate loans until maturity and therefore, real estate loans are classified and accounted for as held for investment and are carried at amortized cost. Loans sold to or purchased from affiliates are accounted for at the principal balance and no gain or loss is recognized by us or any affiliate. Loan-to-value ratios are initially based on appraisals obtained at the time of loan origination and are updated, when new appraisals are received or when management’s assessment of the value has changed, to reflect subsequent changes in value estimates. Such appraisals are generally dated within 12 months of the date of loan origination and may be commissioned by the borrower. The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The Company’s impaired loans include troubled debt restructuring, and performing and non-performing loans in which full payment of principal or interest is not expected. The Company calculates an allowance required for impaired loans based on the present value of expected future cash flows discounted at the loan’s effective interest rate, or at the loan’s observable market price or the fair value of its collateral. Loans that have been modified from their original terms are evaluated to determine if the loan meets the definition of a Troubled Debt Restructuring (“TDR”) as defined by ASC 310-40. When the Company modifies the terms of an existing loan that is considered a TDR, it is considered performing as long as it is in compliance with the modified terms of the loan agreement. If the modification calls for deferred interest, it is recorded as interest income as cash is collected.
Allowance for Loan Losses	Allowance for Loan Losses We maintain an allowance for loan losses on our investments in real estate loans for estimated credit impairment. Our manager’s estimate of losses is based on a number of factors including the types and dollar amounts of loans in the portfolio, adverse situations that may affect the borrower’s ability to repay, prevailing economic conditions and the underlying collateral securing the loan. Additions to the allowance are provided through a charge to earnings and are based on an assessment of certain factors, which may indicate estimated losses on the loans. Actual losses on loans are recorded first as a reduction to the allowance for loan losses. Generally, subsequent recoveries of amounts previously charged off are recognized as income. Estimating allowances for loan losses requires significant judgment about the underlying collateral, including liquidation value, condition of the collateral, competency and cooperation of the related borrower and specific legal issues that affect loan collections or taking possession of the property. As a commercial real estate lender willing to invest in loans to borrowers who may not meet the credit standards of other financial institutional lenders, the default rate on our loans could be higher than those generally experienced in the real estate lending industry. We and our manager generally approve loans more quickly than other real estate lenders and, due to our expedited underwriting process; there is a risk that the credit inquiry we perform will not reveal all material facts pertaining to a borrower and the security. Additional facts and circumstances may be discovered as we continue our efforts in the collection and foreclosure processes. This additional information often causes management to reassess its estimates. In recent years, we have revised estimates of our allowance for loan losses. Circumstances that have and may continue to cause significant changes in our estimated allowance include, but are not limited to: · Declines in real estate market conditions, which can cause a decrease in expected market value; · Discovery of undisclosed liens for community improvement bonds, easements and delinquent property taxes; · Lack of progress on real estate developments after we advance funds. We customarily utilize disbursement agents to monitor the progress of real estate developments and approve loan advances. After further inspection of the related property, progress on construction occasionally does not substantiate an increase in value to support the related loan advances; · Unanticipated legal or business issues that may arise subsequent to loan origination or upon the sale of foreclosed property; and · Appraisals, which are only opinions of value at the time of the appraisal, may not accurately reflect the value of the property.
Discontinued Operations	Discontinued Operations We have reclassified for all periods presented in the accompanying consolidated statements of operations, the amounts related to discontinued operations and real estate held for sale, in accordance with the applicable accounting criteria. In addition, the assets and liabilities related to the discontinued operations are reported separately in the accompanying consolidated balance sheets as real estate held for sale, assets held for sale, and liabilities related to assets held for sale.
Real Estate Owned Held for Sale	Real Estate Owned Held for Sale Real estate owned held for sale (“REO”) includes real estate acquired through foreclosure and will be carried at the lower of the recorded amount, inclusive of any senior indebtedness, or the property's estimated fair value, less estimated costs to sell, with fair value based on appraisals and knowledge of local market conditions. While pursuing foreclosure actions, we seek to identify potential purchasers of such property. We generally seek to sell properties acquired through foreclosure as quickly as circumstances permit, taking into account current economic conditions. The carrying values of REO are assessed on a regular basis from updated appraisals, comparable sales values or purchase offers. Management classifies real estate as REO when the following criteria are met: · Management commits to a plan to sell the properties; · The property is available for immediate sale in its present condition subject only to terms that are usual and customary; · An active program to locate a buyer and other actions required to complete a sale have been initiated; · The sale of the property is probable; · The property is being actively marketed for sale at a reasonable price; and · Withdrawal or significant modification of the sale is not likely.
Classification of Operating Results from Real Estate Held for Sale	Classification of Operating Results from Real Estate Held for Sale Generally, operating results and cash flows from long-lived assets held for sale are to be classified as discontinued operations as a separately stated component of net income. Our operations related to REO are separately identified in the accompanying consolidated statements of operations.
Acquisitions	Acquisitions The Company records the acquired tangible and intangible assets and assumed liabilities of acquisitions of all operating properties and those development and redevelopment opportunities that meet the accounting criteria to be accounted for as business combinations at fair value at the acquisition date. The Company assesses and considers fair value based on estimated cash flow projections that utilize available market information and discount and/or capitalization rates that the Company deems appropriate. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The acquired assets and assumed liabilities for an operating property acquisition generally include but are not limited to: land, buildings and improvements, construction in progress and identified tangible and intangible assets and liabilities associated with in-place leases, including tenant improvements, leasing costs, value of above-market and below-market operating leases and ground leases, acquired in-place lease values and tenant relationships, if any. The fair value of land is derived from comparable sales of land within the same submarket and/or region. The fair value of buildings and improvements, tenant improvements, and leasing costs are based upon current market replacement costs and other relevant market rate information. The fair value of the above-market or below-market component of an acquired in-place operating lease is based upon the present value (calculated using a market discount rate) of the difference between (i) the contractual rents to be paid pursuant to the lease over its remaining non-cancellable lease term and (ii) management's estimate of the rents that would be paid using fair market rental rates and rent escalations at the date of acquisition measured over the remaining non-cancellable term of the lease for above-market operating leases and the initial non-cancellable term plus the term of any below-market fixed rate renewal options, if applicable, for below-market operating leases. The amounts recorded for above-market operating leases are included in deferred leasing costs and acquisition-related intangibles, net on the balance sheet and are amortized on a straight-line basis as a reduction of rental income over the remaining term of the applicable leases. The amounts recorded for below-market operating leases are included in deferred revenue and acquisition-related liabilities, net on the balance sheet and are amortized on a straight-line basis as an increase to rental income over the remaining term of the applicable leases plus the term of any below-market fixed rate renewal options, if applicable. Our below-market operating leases generally do not include fixed rate or below-market renewal options. The fair value of acquired in-place leases is derived based on management's assessment of lost revenue and costs incurred for the period required to lease the “assumed vacant” property to the occupancy level when purchased. This fair value is based on a variety of considerations including, but not necessarily limited to: (1) the value associated with avoiding the cost of originating the acquired in-place leases; (2) the value associated with lost revenue related to tenant reimbursable operating costs estimated to be incurred during the assumed lease-up period; and (3) the value associated with lost rental revenue from existing leases during the assumed lease-up period. Factors considered by us in performing these analyses include an estimate of the carrying costs during the expected lease-up periods, current market conditions, and costs to execute similar leases. In estimating carrying costs, the Company includes real estate taxes, insurance and other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on current market demand at market rates. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related expenses. The amount recorded for acquired in-place leases is included in deferred leasing costs and acquisition-related intangibles, net on the balance sheet and amortized as an increase to depreciation and amortization expense over the remaining term of the applicable leases. If a lease were to be terminated or if termination were determined to be likely prior to its contractual expiration (for example resulting from bankruptcy), amortization of the related unamortized in-place lease intangible would be accelerated. The determination of the fair value of any debt assumed in connection with a property acquisition is estimated by discounting the future cash flows using interest rates available for the issuance of debt with similar terms and remaining maturities. The determination of the fair value of the acquired tangible and intangible assets and assumed liabilities of operating property acquisitions requires us to make significant judgments and assumptions about the numerous inputs discussed above. The use of different assumptions in these fair value calculations could significantly affect the reported amounts of the allocation of our acquisition related assets and liabilities and the related amortization and depreciation expense recorded for such assets and liabilities. In addition, because the value of above and below market leases are amortized as either a reduction or increase to rental income, respectively, our judgments for these intangibles could have a significant impact on our reported rental revenues and results of operations. Costs directly associated with all operating property acquisitions and those development and redevelopment acquisitions that meet the accounting criteria to be accounted for as business combinations are expensed as incurred. Our acquisition expenses are directly related to our acquisition activity and if our acquisition activity was to increase or decrease, so would our acquisition costs. Costs directly associated with development acquisitions accounted for as asset acquisitions are capitalized as part of the cost of the acquisition. During the nine months ended September 30, 2015, the Company did not capitalize any such acquisition costs.
Impairment of Long Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. These estimates consider factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If impairment exists, due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include interest-bearing and non-interest bearing bank deposits, money market accounts, short-term certificates of deposit with original maturities of three months or less, and short-term instruments with a liquidation provision of one month or less.
Revenue Recognition	Revenue Recognition The Company recognizes interest income from loans on an accrual basis over the expected terms of the loans using the effective interest method. The Company may recognize fees, discounts, premiums, anticipated exit fees and direct cost over the terms of the loans as an adjustment to the yield. The Company may recognize fees on commitments that expire unused at expiration. The Company may recognize interest income from available-for-sale securities on an accrual basis over the life of the investment on a yield-to-maturity basis. Interest is fully allowed for on impaired loans and is recognized on a cash basis method. The receipt of previous loan or note receivable allowances or impairments are recognized as revenue. The Company’s revenues, which are derived primarily from rental income, include rents that each tenant pays in accordance with the terms of each lease reported on a straight-line basis over the initial term of the lease. Since some of the Company’s leases will provide for rental increases at specified intervals, straight-line basis accounting requires the Company to record a receivable, and include in revenues, unbilled rent receivables that the Company will only receive if the tenant makes all rent payments required through the expiration of the initial term of the lease. The Company will continually review receivables related to rent and unbilled rent receivables and determine collectability by taking into consideration the tenant’s payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area in which the property is located. In the event that the collectability of a receivable is in doubt, the Company will record an increase in the Company’s allowance for uncollectible accounts or record a direct write-off of the receivable in the Company’s consolidated statements of operations.
Advertising Costs	Advertising Costs Advertising costs incurred in the normal course of operations are expensed as incurred. The Company had no advertising expense for the three and nine months ended September 30, 2015 and 2014.
Investments in Real Estate and Fixed Assets	Investments in Real Estate and Fixed Assets Investments in real estate and fixed assets are stated at cost less accumulated depreciation. Depreciation is provided principally on the straight-line method over the estimated useful lives of the assets, which are primarily 3 to 40 years. The cost of repairs and maintenance is charged to expense as incurred. Expenditures for property betterments and renewals are capitalized. Upon sale or other disposition of a depreciable asset, cost and accumulated depreciation are removed from the accounts and any gain or loss is reflected in other income (expense). The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful lives of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability.
Investment in Marketable Securities	Investment in Marketable Securities Investment in marketable securities consists of stock in VRM I, a related party. The securities are stated at fair value as determined by the closing market prices as of September 30, 2015 and December 31, 2014. All securities are classified as available-for-sale. We are required to evaluate our available-for-sale investment for other-than-temporary impairment charges. We will determine when an investment is considered impaired (i.e., decline in fair value below its amortized cost), and evaluate whether the impairment is other than temporary (i.e., investment value will not be recovered over its remaining life). If the impairment is considered other than temporary, we will recognize an impairment loss equal to the difference between the investment’s cost and its fair value.
Basic and Diluted Earnings Per Common Share	Basic and Diluted Earnings Per Common Share Basic earnings per share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS is similar to basic EPS except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been exercised. We had no outstanding common share equivalents during the periods ended September 30, 2015 and December 31, 2014.
Common Stock Dividends	Common Stock Dividends During June 2008, our Board of Directors decided to suspend the payment of dividends. Our Board of Directors will closely monitor our operating results in order to determine when dividends should be reinstated; however, we do not expect our Board of Directors to reinstate dividends in the foreseeable future.
Treasury Stock	Treasury Stock On March 21, 2007, our Board of Directors authorized the repurchase of up to $10 million worth of our common stock. On November 17, 2014, our Board of Directors authorized the repurchase of an additional $500,000 in common stock. Depending upon market conditions, shares may be repurchased from time to time at prevailing market prices through open market or privately negotiated transactions. We are not obligated to purchase any shares. Subject to applicable securities laws, including SEC rule 10b-18, repurchases may be made at such times and in such amounts, as our management deems appropriate. The share repurchase program may be discontinued or terminated at any time and we have not established a date for completion of the share repurchase program. The repurchases will be funded from our available cash. We record our treasury stock using the cost method. Under the Maryland General Corporation Law, shares of its own stock acquired by a corporation constitute authorized but unissued shares.
Segments	Segments We currently are authorized to operate three reportable segments, investments in real estate loans, investments in real property and investment in a real estate management company. As of September 30, 2015, the Company operates in all segments. Our objective is to invest approximately 97% of our assets in real estate loans and real estate related investments, while maintaining approximately 3% as a working capital cash reserve.
Reclassifications	Reclassifications Amounts listed in connection with assets held for sale, including liabilities related to assets held for sale, in the 2014 consolidated financial statements have been reclassified to conform to the September 30, 2015 presentation.
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of VRM II; Building A, LLC, Building C, LLC, Wolfpack Properties, LLC; Devonshire, LLC; SE Properties, LLC; ExecuSuites, LLC; MVP Advisors; and MVP Capital Partners II, LLC, as well as the results of operations of the Company’s assets that have been sold during 2014. All significant intercompany transactions and balances have been eliminated in consolidation.
Business Combinations	Business Combinations In December 2007, the Financial Accounting Standards Board (FASB) revised the authoritative guidance for business combinations, establishing principles and requirements for how an acquirer recognizes and measures in its financial statements the identifiable assets acquired (including goodwill), the liabilities assumed, and any noncontrolling interest in the acquiree. Subsequently, on April 1, 2009, the FASB amended and clarified certain aspects of its authoritative guidance on initial recognition and measurement, subsequent measurement and accounting, and disclosure of assets and liabilities arising from contingencies in a business combination. We apply the FASB authoritative guidance to all business combinations for which the acquisition date is on or after January 1, 2009, and to certain future income tax effects related to our prior business combinations, should they arise.
Non-controlling Interests	Non-controlling Interests The FASB issued authoritative guidance for non-controlling interests in December 2007, which establishes accounting and reporting standards for the non-controlling interest in a subsidiary and for the deconsolidation of a subsidiary. The guidance clarifies that a non-controlling interest in a subsidiary, which is sometimes referred to as an unconsolidated investment, is an ownership interest in the consolidated entity that should be reported as a component of equity in the consolidated financial statements. Among other requirements, the guidance requires consolidated net income to be reported at amounts attributable to both the parent and the non-controlling interest. It also requires disclosure, on the face of the consolidated income statement, of the amounts of consolidated net income attributable to the parent and to the non-controlling interest.
Income Taxes	Income Taxes The Company accounts for its income taxes under the assets and liabilities method, which requires recognition of deferred tax assets and liabilities for future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company records net deferred tax assets to the extent the Company believes these assets will more likely than not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is established against deferred tax assets that do not meet the criteria for recognition. In the event the Company was to determine that it would be able to realize deferred income tax assets in the future in excess of their net recorded amount, they would make an adjustment to the valuation allowance which would reduce the provision for income taxes. The Company follows the accounting guidance which provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. Income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized initially and in subsequent periods. Also, included is guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition.

Investments In Real Estate Lo24

Investments In Real Estate Loans (Tables)	9 Months Ended
	Sep. 30, 2015
Investments In Real Estate Loans Tables
Investments In Real Estate Loans	Loan Type Number of Loans Balance * Weighted Average Interest Rate Portfolio Percentage Current Weighted Average Loan-To-Value, Net of Allowance for Loan Losses Commercial 6 $ 2,803,000 14.24% 100% 13.27% Construction -- -- -- -- -- Total 6 $ 2,803,000 14.24% 100.00% 13.27% Loan Type Number of Loans Balance * Weighted Average Interest Rate Portfolio Percentage Current Weighted Average Loan-To-Value, Net of Allowance for Loan Losses Commercial 11 $ 5,579,000 10.88% 73.04% 43.43% Construction 1 2,058,000 9.00% 26.96% 67.63% Total 12 $ 7,637,000 10.37% 100.00% 53.03%
Schedule Of Priority Of Real Estate Loans	Loan Type Number of Loans September 30, 2015 Balance* Portfolio Percentage Number of Loans December 31, 2014 Balance* Portfolio Percentage First deeds of trust 6 $ 2,803,000 100.00 % 11 $ 7,342,000 96.14 % Second deeds of trust — — — 1 295,000 3.86 % Total 6 $ 2,803,000 100.00 % 12 $ 7,637,000 100.00 %
Investments Classified by Contractual Maturity Date	Non-performing and past due loans $ 2,450,000 January 2015 –March 2015 -- April 2015 – June 2015 -- July 2015 – September 2015 -- October 2015 – December 2015 -- Thereafter 353,000 Total $ 2,803,000
Schedule By Geographic Location Of Investments In Real Estate Loans	September 30, 2015 Balance * Portfolio Percentage December 31, 2014 Balance * Portfolio Percentage Nevada $ 2,486,000 88.69% $ 5,264,000 68.93% California -- -- 2,059,000 26.96% Ohio 311,000 11.10% 314,000 4.11% Arizona 6,000 0.21% Total $ 2,803,000 100.00% $ 7,637,000 100.00%
Reconciliation Of Portfolio To Balance Sheet	September 30, 2015 December 31, 2014 Balance per loan portfolio $ 2,803,000 $ 7,637,000 Less: Allowance for loan losses (a) (2,450,000) (2,450,000) Balance per consolidated balance sheets $ 353,000 $ 5,187,000
Non-Performing Loans	Loan Type Number Of Non-Performing Loans Balance Allowance for Loan Losses Net Balance Commercial 1 $ 2,450,000 $ (2,450,000) $ -- Total 1 $ 2,450,000 $ (2,450,000) $ --
Allowance for Credit Losses on Financing Receivables	As of September 30, 2015 Balance Allowance for loan losses ** Balance, net of allowance Non-performing loans – no related allowance $ -- $ -- $ -- Non-performing loans – related allowance 2,450,000 (2,450,000) -- Subtotal non-performing loans 2,450,000 (2,450,000) -- Performing loans – no related allowance 353,000 -- 353,000 Performing loans – related allowance -- -- -- Subtotal performing loans 353,000 -- 353,000 Total $ 2,803,000 $ (2,450,000) $ 353,000 As of December 31, 2014 Balance Allowance for loan losses ** Balance, net of allowance Non-performing loans – no related allowance $ -- $ -- $ -- Non-performing loans – related allowance 2,450,000 (2,450,000) -- Subtotal non-performing loans 2,450,000 (2,450,000) -- Performing loans – no related allowance 5,187,000 -- 5,187,000 Performing loans – related allowance -- -- -- Subtotal performing loans 5,187,000 -- 5,187,000 Total $ 7,637,000 $ (2,450,000) $ 5,187,000
Allowance For Loan Losses Roll-Forward	Loan Type Balance at 12/31/2014 Specific Reserve Allocation Loan Pay Downs Write-off Transfers to REO or Notes Receivable Balance at 09/30/15 Commercial $ 2,450,000 $ -- $ -- $ -- $ -- $ 2,450,000 Total $ 2,450,000 $ -- $ -- $ -- $ -- $ 2,450,000 Loan Type Balance at 12/31/2013 Specific Reserve Allocation Loan Pay Downs Write-off Transfers to REO or Notes Receivable Balance at 12/31/14 Commercial $ 2,500,000 -- $ (50,000) $ -- $ -- $ 2,450,000 Total $ 2,500,000 $ -- $ (50,000) $ -- $ -- $ 2,450,000

Assets Held For Sale (Tables)

Assets Held For Sale (Tables)	9 Months Ended
	Sep. 30, 2015
Property, Plant and Equipment [Abstract]
Summary Of Net Assets Held For Sale	September 30, 2015 Assets: Current assets $ 1,034,000 Property and equipment 54,433,000 Total assets $ 55,467,000 Liabilities: Accounts payable and accrued liabilities $ 243,000 Notes payable 30,542,000 Total liabilities 30,785,000 Net assets held for sale $ 24,682,000
Summary Of Results Of Operations Related To Assets Held For Sale	For The Three Months Ended September 30, For The Nine Months Ended September 30, 2015 2014 2015 2014 Revenue $ 1,200,000 $ 985,000 $ 3,633,000 $ 1,388,000 Revenue eliminated through consolidation (67,000) -- (201,000) -- Expenses (794,000) (685,000) (2,430,000) (988,000) Net income $ 339,000 $ 300,000 $ 1,002,000 $ 400,000

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Valuation Of Financial Assets And Liabilities on Recurring Basis	Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at 09/30/15 Carrying Value on Balance Sheet at 09/30/15 Assets Investment in marketable securities - related party $ 668,000 $ -- $ -- $ 668,000 $ 668,000 Investment in marketable securities $ 85,000 $ -- $ -- $ 85,000 $ 85,000 Investment in real estate loans $ -- $ -- $ 339,000 $ 339,000 $ 353,000 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets For Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at 12/31/14 Carrying Value on Balance Sheet at 12/31/14 Assets Investment in marketable securities - related party $ 461,000 $ -- $ -- $ 461,000 $ 461,000 Investment in real estate loans $ -- $ -- $ 5,167,000 $ 5,167,000 $ 5,187,000
Changes In Financial Assets And Liabilities on Recurring Basis Using Significant Unobservable Inputs	Investment in real estate loans Balance on January 1, 2015 $ 5,167,000 Purchase and additions of assets New mortgage loans and mortgage loans acquired 3,228,000 Purchase from third parties 200,000 Sales, pay downs and reduction of assets Collections and settlements of principal and sales of investment in real estate loans (5,945,000) Sale of assets to third parties (2,317,000) Temporary change in estimated fair value based on future cash flows 6,000 Balance on September 30, 2015, net of temporary valuation adjustment $ 339,000 Investment in real estate loans Balance on January 1, 2014 $ 7,867,000 Purchase and additions of assets New mortgage loans and mortgage loans acquired 14,269,000 Purchase from third parties 498,000 Sales, pay downs and reduction of assets Collections and settlements of principal and sales of investment in real estate loans (6,546,000) Sale of assets to VRM I (2,823,000) Sale of assets to third parties (8,060,000) Temporary change in estimated fair value based on future cash flows (38,000)

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule Of Investment In Real Estate Loans And Investments In Real Property	For The Three Months Ended September 30, For The Nine Months Ended September 30, 2015 2014 2015 2014 Revenues Investment in real estate loans $ 560,000 $ 265,000 $ 2,732,000 $ 684,000 Investment in real property held for sale 29,000 1,331,000 Investment in real estate management 164,000 78,000 372,000 327,000 Total revenues 753,000 343,000 4,435,000 1,011,000 Operating expenses Investment in real estate loans $ 274,000 $ 274,000 $ 822,000 $ 823,000 Investment in real property 1,000 7,000 3,000 32,000 Investment in real estate management 884,000 449,000 2,598,000 1,689,000 Corporate activities 3,196,000 1,105,000 7,505,000 3,171,000 Total expenses 4,355,000 1,835,000 10,928,000 5,715,000 Total Assets September 30, 2015 December 31, 2014 Investment in real estate loans $ 3,996,000 $ 5,190,000 Investment in real property held for sale 55,467,000 55,427,000 Corporate assets 7,307,000 8,298,000 Total assets $ 66,770,000 $ 68,915,000

Investments In Real Estate Lo28

Investments In Real Estate Loans (Detail) - Investments in Real Estate Loans	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Balance	$ 2,803,000	$ 7,637,000
Weighted Average Interest Rate	8.93%	8.18%
Commercial Loans [Member]
Number of Loans	6	11
Balance	$ 2,803,000	$ 5,579,000
Weighted Average Interest Rate	14.24%	10.88%
Portfolio Percentage	100.00%	73.04%
Current Weighted Average Loan-To-Value Net of Allowance for Loan Losses	13.27%	43.43%
Construction Loans [Member]
Number of Loans		1
Balance		$ 2,058,000
Weighted Average Interest Rate		9.00%
Portfolio Percentage		26.96%
Current Weighted Average Loan-To-Value Net of Allowance for Loan Losses		67.63%
Total [Member]
Number of Loans	6	12
Balance	$ 2,803,000	$ 7,637,000
Weighted Average Interest Rate	14.24%	10.37%
Portfolio Percentage	100.00%	100.00%
Current Weighted Average Loan-To-Value Net of Allowance for Loan Losses	13.27%	53.03%

Investments In Real Estate Lo29

Investments In Real Estate Loans (Detail) - Schedule Of Priority Of Real Estate Loans	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Balance	$ 2,803,000	$ 7,637,000
First Deeds Of Trust [Member]
Balance	$ 2,803,000	$ 7,342,000
Portfolio Percentage	100.00%	96.14%
First Deeds Of Trust [Member]
Number of Loans	6	11
Second Deeds Of Trust [Member]
Balance		$ 295,000
Portfolio Percentage		3.86%
Second Deeds Of Trust [Member]
Number of Loans	0	1

Investments In Real Estate Lo30

Investments In Real Estate Loans (Detail) - Investments Classified by Contractual Maturity Date - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Balance	$ 2,803,000	$ 7,637,000
Non-performing and past due loans [Member]
Balance	$ 2,450,000
January 2015 to March 2015 [Member]
Balance
April 2015 to June 2015 [Member]
Balance
July 2015 to September 2015 [Member]
Balance
October 2015 to December 2015 [Member]
Balance
Thereafter [Member]
Balance	$ 353,000
Total [Member]
Balance	$ 2,803,000

Investments In Real Estate Lo31

Investments In Real Estate Loans (Detail) - Geoographic Location of Investments in Real Estate Loans - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Balance	$ 2,803,000	$ 7,637,000
Nevada [Member]
Balance	$ 2,486,000	$ 5,264,000
Portfolio Percentage	88.69%	68.93%
California [Member]
Balance		$ 2,059,000
Portfolio Percentage		26.96%
Ohio [Member]
Balance	$ 311,000	$ 314,000
Portfolio Percentage	11.10%	4.11%
Arizona [Member]
Balance	$ 6,000
Portfolio Percentage	0.21%

Investments In Real Estate Lo32

Investments In Real Estate Loans (Detail) - Reconciliation Of Portfolio To Balance Sheet - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Investments In Real Estate Loans Tables
Balance per loan portfolio	$ 2,803,000	$ 7,637,000
Less:
Allowance for loan losses	(2,450,000)	(2,450,000)
Balance per consolidated balance sheets	$ 353,000	$ 5,187,000

Investments In Real Estate Lo33

Investments In Real Estate Loans (Detail) - Non-Performing Loans	9 Months Ended	12 Months Ended
	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Allowance for Loan Losses	$ (2,450,000)	$ (2,450,000)
Commercial Loans [Member]
Number Of Non-Performing Loans	1	1
Balance	$ 2,450,000	$ 2,450,000
Allowance for Loan Losses	$ (2,450,000)	$ (2,450,000)
Total [Member]
Number Of Non-Performing Loans	1	1
Balance	$ 2,450,000	$ 2,450,000
Allowance for Loan Losses	$ (2,450,000)	$ (2,450,000)
Net Balance [Member]
Balance
Allowance for Loan Losses

Investments In Real Estate Lo34

Investments In Real Estate Loans (Detail) - Allowance for Loan Losses Determination - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Balance	$ 2,803,000	$ 7,637,000
Allowance for loan losses	(2,450,000)	(2,450,000)
Balance, net of allowance	$ 353,000	$ 5,187,000
Non Performing Loans No Related Allowance [Member]
Balance
Allowance for loan losses
Balance, net of allowance
Non Performing Loans Related Allowance [Member]
Balance	$ 2,450,000	$ 2,450,000
Allowance for loan losses	$ (2,450,000)	$ (2,450,000)
Balance, net of allowance
Non Performing Loans [Member]
Balance	$ 2,450,000	$ 2,450,000
Allowance for loan losses	$ (2,450,000)	$ (2,450,000)
Balance, net of allowance
Performing Loans No Related Allowance [Member]
Balance	$ 353,000	$ 5,187,000
Allowance for loan losses
Balance, net of allowance	$ 353,000	$ 5,187,000
Performing Loans Related Allowance [Member]
Balance
Allowance for loan losses
Balance, net of allowance
Performing Loans [Member]
Balance	$ 353,000	$ 5,187,000
Allowance for loan losses
Balance, net of allowance	$ 353,000	$ 5,187,000

Investments In Real Estate Lo35

Investments In Real Estate Loans (Detail) - Roll-forward of Allowance for Loan Losses - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Balance	$ 2,450,000	$ 2,450,000
Specific Reserve Allocation
Loan Pay Downs
Write Off
Transfers to REO and Notes Receivable
Commercial Loans [Member]
Balance		$ 2,450,000	$ 2,500,000
Specific Reserve Allocation
Loan Pay Downs			$ (50,000)
Write Off
Transfers to REO and Notes Receivable

Assets Held For Sale (Detail) -

Assets Held For Sale (Detail) - Summary Of Net Assets Held For Sale	Sep. 30, 2015USD ($)
Assets:
Current assets	$ 1,034,000
Property and equipment	54,433,000
Total assets	55,467,000
Liabilities:
Accounts payable and accrued liabilities	243,000
Notes payable	30,542,000
Total liabilities	30,785,000
Net assets held for sale	$ 24,682,000

Assets Held For Sale (Detail)37

Assets Held For Sale (Detail) - Summary Of Results Of Operations Related To Assets Held For Sale - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Property, Plant and Equipment [Abstract]
Revenue	$ 1,334,000	$ 985,000	$ 3,633,000	$ 1,388,000
Expenses	(784,000)	(684,000)	(2,430,000)	(988,000)
Net Income	$ 550,000	$ 301,000	$ 1,203,000	$ 400,000

Fair Value (Detail) - Valuatio

Fair Value (Detail) - Valuation Of Financial Assets And Liabilities on Recurring Basis - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Investment in marketable securities - related party	$ 668,000	$ 461,000
Investment in marketable securities	85,000
Investment in real estate loans	339,000	5,167,000
Quoted Prices in Active Markets For Identical Assets (Level 1) [Member]
Assets
Investment in marketable securities - related party	668,000	$ 461,000
Investment in marketable securities	$ 85,000
Investment in real estate loans
Significant Other Observable Inputs (Level 2) [Member]
Assets
Investment in marketable securities - related party
Investment in marketable securities
Investment in real estate loans
Fair Value, Inputs, Level 3 [Member]
Assets
Investment in marketable securities - related party
Investment in marketable securities
Investment in real estate loans	$ 339,000	$ 5,167,000
Carrying Value on Balance Sheet [Member]
Assets
Investment in marketable securities - related party	668,000	461,000
Investment in marketable securities	85,000
Investment in real estate loans	$ 353,000	$ 5,187,000

Fair Value (Detail) - Changes

Fair Value (Detail) - Changes in our Financial Assets and Liabilities - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Balance, Beginning	$ 5,187,000
Sales, pay downs and reduction of assets
Balance, End, 2015/2014, net of temporary valuation adjustment	353,000	$ 5,187,000
Investment in real estate loans [Member]
Balance, Beginning	5,167,000	7,867,000
Purchase and additions of assets
New mortgage loans and mortgage loans acquired	3,228,000	14,269,000
Purchase from third parties	200,000	498,000
Sales, pay downs and reduction of assets
Collections and settlements of principal and sales of investment in real estate loans	$ (5,945,000)	(6,546,000)
Sale of assets to VRM I		(2,823,000)
Sale of assets to third parties	$ (2,317,000)	(8,060,000)
Temporary change in estimated fair value based on future cash flows	6,000	(38,000)
Balance, End, 2015/2014, net of temporary valuation adjustment	$ 339,000	$ 5,167,000

Segment Information (Detail) -

Segment Information (Detail) - Financial Data For The Company's Operating Segments - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Revenues	$ 753,000	$ 343,000	$ 4,435,000	$ 1,011,000
Total Assets	66,770,000		66,770,000		$ 68,915,000
Investment in real estate loans [Member]
Revenues	560,000	265,000	2,732,000	684,000
Operating expenses	274,000	$ 274,000	822,000	$ 823,000
Total Assets	3,996,000		3,996,000		5,190,000
Investment In Real Property Held For Sale [Member]
Revenues	29,000		1,331,000
Operating expenses	1,000	$ 7,000	3,000	$ 32,000
Total Assets	55,467,000		55,467,000		55,427,000
Investment in real estate management [Member]
Revenues	164,000	78,000	372,000	372,000
Operating expenses	884,000	449,000	2,598,000	1,689,000
Corporate activities/assets [Member]
Operating expenses	3,196,000	1,105,000	3,171,000	2,066,000
Total Assets	7,307,000		7,307,000		8,298,000
Total [Member]
Revenues	753,000	367,000	4,435,000	1,011,000
Operating expenses	4,355,000	$ 1,985,000	10,929,000	$ 5,715,000
Total Assets	$ 66,770,000		$ 66,770,000		$ 68,915,000

Organization (Details Narrative

Organization (Details Narrative)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Commenced Operations	Jun. 1, 2001
Year End	As a REIT, we were required to have a December 31 fiscal year end.

Summary Of Significant Accoun42

Summary Of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Nov. 17, 2014	Mar. 21, 2007
Advertising Expense
Stock Repurchase Authorized					$ 500,000	$ 10,000,000
Real Estate Loans And Real Estate Investments [Member]
Concentration Risk Percentage			97.00%
Working Capital Cash Reserve [Member]
Concentration Risk Percentage			3.00%

Financial Instruments And Con43

Financial Instruments And Concentrations Of Credit Risk (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Cash In Excess Of The Federally Insured Limits	$ 5,300,000	$ 5,500,000
Mortgage Loans, interest rate	8.93%	8.18%
Largest Borrower [Member]
Balance	$ 2,500,000
Mortgage Loans, interest rate	15.00%
Lender Risk [Member]
Concentration of Risk, Loans	100.00%
Lender Risk [Member] | Largest Borrower [Member]
Concentration of Risk, Loans	88.00%	32.00%
Geographic Concentration Risk [Member] | Nevada [Member]
Concentration of Risk, Loans	89.00%	69.00%
Geographic Concentration Risk [Member] | California [Member]
Concentration of Risk, Loans		27.00%
Common Guarantor [Member] | Two Loan (Set 1) [Member]
Concentration of Risk, Loans		6.80%
Balance		$ 500,000
Common Guarantor [Member] | Two Loan (Set 2) [Member]
Concentration of Risk, Loans		14.30%
Balance		$ 1,100,000
Common Guarantor [Member] | Three Loan [Member]
Concentration of Risk, Loans	88.10%
Balance	$ 300,000

Investments In Real Estate Lo44

Investments In Real Estate Loans (Details Narrative) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Three Loans - Variable Interest Rate	6.55%	6.55%
Three Loans - Balance	$ 300,000	$ 300,000
Real Estate Loans, interest rate, minimum	8.00%
Real Estate Loans, interst rate, maximum	15.00%
Real Estate Loans, Weighted Average Interest Rate, performing loans	8.93%	8.18%
Real estate loans	$ 353,000	$ 5,187,000
Investment in real estate loans, allowance	2,450,000	2,450,000
Real Estate Loans, extensions, our portion	36,000	5,100,000
Non Performing Loans [Member]
Real estate loans	0	0
Investment in real estate loans, allowance	$ 2,500,000	$ 2,500,000

Investment In Delaware Statut45

Investment In Delaware Statutory Trust (Details Narrative) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Notes to Financial Statements
Investment in Delaware Statutory Trust	$ 3,600,000

Investment In Marketable Secu46

Investment In Marketable Securities - Related Party (Details Narrative) - VRM I [Member] - USD ($)	12 Months Ended
	Dec. 31, 2014	Sep. 30, 2015
Shares in Related Party		134,545
Related Party, Share Price		$ 4.96
Other Than Temporary Investment Impairment	$ 500,000
Other Than Temporary Investment Impairment Recognized	$ 100,000
Minimum [Member]
Related Party, Share Price		3.15
Maximum [Member]
Related Party, Share Price		$ 5.50

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Management Fees Paid		$ 274,000	$ 274,000	$ 822,000	$ 823,000
Manager [Member]
Fee As A Percentage of Sale of Membership Units		0.25%	0.25%	0.25%	0.25%
Management Fees Paid		$ 274,000	$ 274,000	$ 822,000	$ 823,000
Our Shares Owned By Related Party	23,175	23,175		23,175		23,175
Percentage of Our Shares Owned	0.90%	0.90%		0.90%		0.90%
Receivables, Related Party	$ 20,000	$ 20,000		$ 20,000		$ 20,000
Manager [Member] | Investment in Delaware Statutory Trust [Member]
Management Fees Paid	$ 200,000
VRM I [Member]
Our Shares Owned By Related Party	134,270	134,270		134,270		134,270
Percentage of Our Shares Owned	5.40%	5.40%		5.40%		5.40%
Receivables, Related Party	$ 15,000	$ 15,000		$ 15,000		$ 30,000
Dividend Income
Other Than Temporary Impairment Investment in Affiliate						500,000
Other Than Temporary Impairment Investment Recognized						100,000
Fund III [Member]
Receivables, Related Party	1,000	$ 1,000		$ 1,000		4,000
Vestin Mortgage [Member]
Receivables, Related Party	300,000	300,000		$ 300,000		$ 100,000
MVP Advisors [Member]
Percentage of Shares Owned in Affiliate				60.00%		60.00%
Asset Management Fees		146,000	68,000	$ 324,000	304,000
Debt Financing Fees		18,000	10,000	48,000	22,000
Loans Receivable Related Party	12,300,000	12,300,000		12,300,000
MVP CP II [Member]
Loans Receivable Related Party	$ 800,000	800,000		800,000
Accounting Solutions [Member]
Accounting Services Expense		23,000	17,000	52,000	40,000
Strategix [Member]
Accounting Services Expense		$ 82,000	$ 34,000	$ 219,000	$ 101,000

Employee Benefit Plan (Details

Employee Benefit Plan (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Compensation Expense	$ 884,000	$ 449,000	$ 2,598,000	$ 1,156,000
401(k) Plan [Member]
Compensation Expense	$ 9,000		$ 24,000

Legal Matters Involving The M49

Legal Matters Involving The Manager (Details Narrative)	1 Months Ended
	Sep. 27, 2006USD ($)
Legal Matters Involving Manager
Payments for Legal Settlements	$ 100,000

Legal Matters Involving The C50

Legal Matters Involving The Company (Details Narrative) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2013
Commitments and Contingencies Disclosure [Abstract]
Net Of Allowance For Loan Loss	$ 9,900,000
Net Of Allowance For Loan Loss, Our Portion	$ 9,000,000
Reversal Of Settlement Reserve		$ 374,000