| Document and Entity Information - shares shares in Millions | 9 Months Ended | |
| Sep. 30, 2015 | Dec. 02, 2015 | |
| Document And Entity Information [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | Sep. 30, 2015 | |
| Document Fiscal Year Focus | 2,015 | |
| Document Fiscal Period Focus | Q3 | |
| Trading Symbol | LMFAU | |
| Entity Registrant Name | LM FUNDING AMERICA, INC. | |
| Entity Central Index Key | 1,640,384 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Filer Category | Smaller Reporting Company | |
| Entity Common Stock, Shares Outstanding | 3.3 |
| Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2015 | Apr. 20, 2015 | Dec. 31, 2014 |
| LIABILITIES AND STOCKHOLDER'S \ MEMBERS' DEFICIT | |||
| COMMITMENTS AND CONTINGENCIES | |||
| STOCKHOLDER'S EQUITY | |||
| Preferred stock, par value $0.001 per share, 5,000,000 shares authorized, none issued and outstanding | |||
| Common stock, par value $0.001 per share, 10,000,000 shares authorized, none issued and outstanding | $ 0 | $ 0 | |
| LM Funding, LLC and Subsidiaries [Member] | |||
| ASSETS | |||
| Cash | 2,106,865 | $ 2,027,694 | |
| Finance receivables: | |||
| Original product | 1,600,103 | 2,430,456 | |
| Special product - New Neighbor Guaranty program | 939,633 | 1,042,805 | |
| Other Assets | 1,196,707 | 1,207,403 | |
| ASSETS | 5,843,308 | 6,771,358 | |
| LIABILITIES AND STOCKHOLDER'S \ MEMBERS' DEFICIT | |||
| Notes payable | 8,266,232 | 7,431,938 | |
| Other liabilities and obligations | 516,680 | 472,597 | |
| LIABILITIES | 8,782,912 | 7,904,535 | |
| Members' deficit | (3,038,317) | (1,144,212) | |
| Noncontrolling interest | 98,713 | 11,035 | |
| STOCKHOLDER'S EQUITY | |||
| Total members' deficit | (2,939,604) | (1,133,177) | |
| Total liabilities and stockholder's equity \ members' deficit | $ 5,843,308 | $ 6,771,358 |
| Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Apr. 20, 2015 |
| Statement of Financial Position [Abstract] | ||
| Preferred stock, par value | $ 0.001 | $ 0.001 |
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, par value | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 10,000,000 | 10,000,000 |
| Common stock, shares issued | 0 | 0 |
| Common stock, shares outstanding | 0 | 0 |
| Condensed Consolidated Statements of Income - LM Funding, LLC and Subsidiaries [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
| Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
| REVENUES | ||||
| Interest on delinquent association fees | $ 1,279,263 | $ 1,597,274 | $ 4,191,323 | $ 4,892,770 |
| Administrative and late fees | 114,594 | 175,677 | 414,526 | 562,574 |
| Recoveries in excess of cost - special product | 79,457 | 64,390 | 222,784 | 141,343 |
| Underwriting and origination fees | 96,675 | 50,186 | 259,420 | 134,311 |
| Rental revenue | 38,010 | 93,522 | 123,682 | 251,178 |
| Total revenues | 1,607,999 | 1,981,049 | 5,211,735 | 5,982,176 |
| EXPENSES | ||||
| Operating Expenses | 1,035,217 | 953,248 | 2,902,492 | 3,246,948 |
| OPERATING INCOME | 572,782 | 1,027,801 | 2,309,243 | 2,735,228 |
| Interest | 163,361 | 240,806 | 566,186 | 760,500 |
| INCOME BEFORE NON-CONTROLLING INTEREST | 409,421 | 786,995 | 1,743,057 | 1,974,728 |
| INCOME ATTRIBUTED TO NON-CONTROLLING INTEREST | (38,410) | (40,942) | (123,693) | (127,854) |
| NET INCOME | $ 371,011 | $ 746,053 | $ 1,619,364 | $ 1,846,874 |
| Condensed Consolidated Statements of Cash Flows - LM Funding, LLC and Subsidiaries [Member] - USD ($) | 9 Months Ended | |
| Sep. 30, 2015 | Sep. 30, 2014 | |
| CASH FLOWS FROM OPERATING ACTIVITIES | $ 1,727,158 | $ 1,905,035 |
| CASH FLOWS FROM INVESTING ACTIVITIES | 908,775 | 942,505 |
| CASH FLOWS FROM FINANCING ACTIVITIES | (2,556,762) | (2,201,881) |
| NET INCREASE IN CASH | 79,171 | 645,659 |
| CASH - BEGINNING OF PERIOD | 2,027,694 | 764,850 |
| CASH - END OF PERIOD | $ 2,106,865 | $ 1,410,509 |
| Summary of Significant Accounting Policies | 9 Months Ended |
| Sep. 30, 2015 | |
| Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations LM Funding America, Inc. (“LMFA”) was formed as a Delaware corporation on April 20, 2015. LMFA was formed for the purposes of completing a public offering and related transactions in order to carry on the business of LM Funding, LLC and its subsidiaries. LMFA is the sole member of LM Funding, LLC and operates and controls all of the businesses and affairs of LM Funding, LLC and, through LM Funding, LLC and its subsidiaries, will continue to conduct the business that is now conducted by these subsidiaries. Basis of Accounting The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of operations, changes in stockholder’s equity, and cash flows have not been presented in the financial statements because there have been no activities in this entity as of September 30, 2015. |
| LM Funding, LLC and Subsidiaries [Member] | |
| Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations LM Funding, LLC (“Company”) is a Florida limited liability company organized during January, 2008. Under the terms of the Operating Agreement effective January 8, 2008 (“Operating Agreement”) as amended, the Company had two members: BRR Holding, LLC and CGR 63, LLC. The members contributed their shares to LM Funding America, Inc. prior to the closing of its initial public offering. The Company is a specialty finance company that provides funding principally to community associations, almost exclusively located in Florida. The business of the Company is conducted pursuant to relevant state statutes (“Statutes”). The Statutes provide each community association lien rights to secure payment from unit owners (property owners) for assessments, interest, administrative late fees, reasonable attorney’s fees, and collection costs. In addition, the lien rights granted under the Statutes are given a higher priority (a “Super Lien”) than all other lien holders except property tax liens. The Company provides funding to associations for their delinquent assessments from property owners in exchange for an assignment of the association’s right to proceeds collected pursuant to the Statutes. The Company derives its revenues from the proceeds of association collections. The Statutes specify that the rate of interest an association (or its assignor) may charge on delinquent assessments is equal to the rate set forth in the association’s declaration or bylaws. If a rate is not specified, the statutory rate is equal to 18% but may not exceed the maximum rate allowed by law. The Statutes also stipulate that administrative late fees cannot be charged on delinquent assessments unless so provided by the association’s declaration or bylaws and may not exceed the greater of $25 or 5% of each delinquent assessment. The Statutes limit the liability of a first mortgage holder for unpaid assessments and related charges and fees (as set forth above) in the event of title transfer by foreclosure or acceptance of deed in lieu of foreclosure. This liability is limited to the lesser of twelve months of regular periodic assessments or one percent of the original mortgage debt on the unit (the “Super Lien Amount”). Principles of Consolidation The condensed consolidated financial statements include the accounts of LM Funding, LLC and its wholly-owned subsidiaries: LMF October 2010 Fund, LLC; REO Management Holdings, LLC; LM Funding of Colorado, LLC; LM Funding of Washington, LLC; and LMF SPE #2, LLC. All significant intercompany balances have been eliminated in consolidation. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The interim condensed consolidated financial statements as of September 30, 2015 and for the nine and three months ended September 30, 2015 and September 30, 2014, respectively, are unaudited. In the opinion of management, the interim condensed consolidated financial statements includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. The accompanying condensed consolidated balance sheet as of December 31, 2014 is derived from the audited financial statements presented in the Company’s Registration Statement on Form S-1 declared effective by the SEC on October 21, 2015. Use of Estimates The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the evaluation of any probable losses on amounts funded under the Company’s New Neighbor Guaranty Revenue Recognition Accounting Standards Codification Receivables Finance Receivables—Original Product Finance Receivables—Special Product (New Neighbor Guaranty program) New Neighbor Guaranty Cash The Company maintains cash balances at several financial institutions that are insured under the Federal Deposit Insurance Corporation’s (“FDIC”) Transition Account Guarantee Program. Balances with the financial institutions may exceed federally insured limits. Finance Receivables Finance receivables are recorded at the amount funded or cost (by unit). The Company evaluates its finance receivables at each period end for losses that are considered probable and can be reasonably estimated in accordance with ASC 450-20. As discussed above, recoverability of funded amounts under the Company’s original product is generally assured because of the protection of the Super Lien Amount. Under the New Neighbor Guaranty The Company did not have any significant receivable balances at September 30, 2015 and December 31, 2014 that met the criteria of ASC 450-20 and as such, did not have an allowance for credit losses at those dates. The Company will charge any receivable against the allowance for credit losses when management believes the uncollectibility of the receivable is confirmed. The Company considers writing off a receivable when (i) a first mortgage holder who names the association in a foreclosure suit takes title and satisfies an estoppel letter for amounts owed which are less than amounts the Company funded to the association; (ii) a tax deed is issued with insufficient excess proceeds to pay amounts the Company funded to the association; or (iii) an association settles an account for less than amounts the Company funded to the association. Upon the occurrence of any of these events, the Company evaluates the potential recovery via a deficiency judgment against the prior owner and the ability to collect upon the deficiency judgment within the 20 year statute of limitations period or whether the deficiency judgment can be sold. Additionally, with New Neighbor Guaranty Real Estate Assets Held for Sale In the event collection of a delinquent assessment results in a unit being sold in a foreclosure auction, the Company has the right to bid (on behalf of the community association) for the delinquent unit as attorney in fact, applying any amounts owed for the delinquent assessment to the foreclosure price as well as any additional funds that the Company, in its sole discretion, decides to pay. If a delinquent unit becomes owned by the community association by acquiring title through an association lien foreclosure auction, by accepting a deed-in-lieu of foreclosure, or by any other way, the Company in its sole discretion may direct the community association to quitclaim title of the unit to the Company. Properties quitclaimed to the Company are recognized as real estate assets held for sale in the accompanying condensed consolidated balance sheets. Real estate held for sale consists solely of costs incurred by the Company in excess of original funding. The Company does not incur any costs on many of its properties that are held for sale. Real estate held for sale is adjusted to fair value less cost to dispose in the event the carrying value of a unit or property exceeds its estimated net realizable value. If the Company elects to take a quitclaim title to a unit or property held for sale, the Company is responsible to pay all future assessments on a current basis, until a change of ownership occurs. The community association must allow the Company to lease or sell the unit to satisfy obligations for delinquent assessments of the original debt. All proceeds collected from the rental or sale of the unit shall be first applied to all amounts due the Company plus any additional funds paid by the Company to purchase the unit, if applicable. Rental revenues and sales proceeds related to real estate assets held for sale are recognized when earned and realizable. Expenditures for current assessments owed to associations, repairs and maintenance, utilities, etc. are expensed when incurred. If the community association elects (prior to the Company obtaining title through its own election) to maintain ownership and not quitclaim title to the Company, the community association must pay the Company all interest, late fees, collection costs and legal fees expended, plus the original funding on the unit, which have accrued according to the purchase agreement entered into by the community association and the Company. In this event, the unit will be reassigned to the community association. Property and Equipment The Company capitalizes all acquisitions of fixed assets in excess of $500. Property and equipment are stated at cost. Depreciation is provided on the straight-line method over the estimated useful lives of the assets. Fixed assets are comprised of furniture, computer and office equipment with an assigned useful life of 3 to 5 years. Property and equipment also includes capitalized software costs. Capitalized software costs include costs to develop software to be used solely to meet the Company’s internal needs, consist of employee salaries and benefits and fees paid to outside consultants during the application development stage, and are amortized over their estimated useful life of 5 years. As of September 30, 2015 and December 31, 2014, capitalized software costs, net of accumulated amortization, was $92,324 and $114,988, respectively. Amortization expense for capitalized software costs for the periods ended September 30, 2015 and December 31, 2014 was $23,973 and $1,308, respectively. Debt Issue Costs The Company capitalizes all debt issue costs and amortizes them on a method that approximates the effective interest method over the remaining term of the note payable. Debt issue costs of $305,545 at September 30, 2015 and $290,688 at December 31, 2014 are presented in the accompanying condensed consolidated balance sheets with other assets. Settlement Costs with Associations Community associations working with the Company will at times incur costs in connection with litigation initiated by the Company against property owners and or mortgage holders. These costs include settlement agreements whereby the community association agrees to pay some monetary compensation to the opposing party or judgments against the community associations for fees of opposing legal counsel or other damages awarded by the courts. The Company indemnifies the community association for these costs pursuant to the provisions of the agreement between the Company and the community association. Costs incurred by the Company for these indemnification obligations for the nine months ended September 30, 2015 and 2014 approximated $517,000 and $319,000, respectively. The Company does not limit its indemnification based on amounts ultimately collected from property owners. Income Taxes The Company did not incur income taxes; instead, its earnings were included in the tax returns of separate limited liability companies of the members and taxed depending on their personal tax situations. The financial statements, therefore, do not include a provision for income taxes. Fair Value of Financial Instruments FASB ASC 825-10, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet. The Company engages a third party valuations firm to estimate the fair value of its finance receivables at year end and reviews the methods and assumptions used by the firm for reasonableness at that time. The Company estimates that the fair values of all other financial instruments at September 30, 2015 and December 31, 2014 did not differ materially from the carrying amounts reported in the accompanying condensed consolidated balance sheets, principally because of the short maturity of those assets and liabilities. Risks and Uncertainties Funding amounts are secured by a priority lien position provided under Florida law (see discussion above regarding Florida statute 718.116). However, in the event the first mortgage holder takes title to the property, the amount payable by the mortgagee to satisfy the priority lien is capped under this same statute and would generally only be sufficient to reimburse the Company for funding amounts noted above for delinquent assessments. Amounts paid by the mortgagee would not generally reimburse the Company for interest, administrative late fees and collection costs. Even though the Company does not recognize these charges as revenues until collected, its business model and long-term viability is dependent on its ability to collect these charges. In the event a delinquent unit owner files for bankruptcy protection, the Company may at its option be reimbursed by the association for the amounts funded (i.e., purchase price) and all collection rights are re-assigned to the association. New Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board issued ASU 2014-09— Revenue from Contracts with Customers (Topic 606) |
| Stockholder's Equity | 9 Months Ended |
| Sep. 30, 2015 | |
| Equity [Abstract] | |
| Stockholder's Equity | 2. STOCKHOLDER’S EQUITY LMFA was originally authorized to issue 20,000,000 shares of Preferred Stock, par value $0.001 per share, and 80,000,000 shares of Common Stock, par value $0.001 per share. LMFA amended its certificate of incorporation to reduce its authorized capital stock to 5,000,000 shares of Preferred Stock par value $0.001 per share, and 10,000,000 shares of Common Stock, par value $0.001 per share prior to its initial public offering. There were no shares issued or outstanding as of September 30, 2015. |
| Subsequent Events | 9 Months Ended |
| Sep. 30, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 3. SUBSEQUENT EVENTS On October 30, 2015, LMFA entered into an agreement with CRE Funding, LLC to purchase the 5% minority interest held by CRE Funding, LLC in LMF SPE#2, LLC for $250,000. CRE Funding, LLC agreed to give up its rights to all previously undistributed distributions dating back to 1/1/2015 in the amount of $123,693, as part of the agreement. LMFA closed its initial public offering of 1,200,000 units, each unit consisting of one share of common stock and one warrant to purchase one share of common stock, at a public offering price of $10.00 per unit, before deducting placement agent fees. The units are listed on the Nasdaq Capital Market under the symbol “LMFAU” and commenced trading on October 23, 2015. The shares of common stock and warrants comprising the units are expected to begin separate trading, and the units will cease trading, on or about the 45th day following the commencement of trading on the Nasdaq Capital Market. Shares of LM Funding America common stock will trade on the Nasdaq Capital Market under the symbol “LMFA” and the warrants will trade on the Nasdaq Capital Market under the symbol “LMFAW”. |
| Change in Related Party Agreement | 9 Months Ended |
| Sep. 30, 2015 | |
| LM Funding, LLC and Subsidiaries [Member] | |
| Change in Related Party Agreement | 2. CHANGE IN RELATED PARTY AGREEMENT Legal services for the Company associated with the collection of delinquent assessments from property owners are performed by a law firm (Business Law Group) owned solely by Bruce M. Rodgers, the Chief Executive Officer of LMFA. Effective January 1, 2015 the Company entered into a new related party agreement with this law firm regarding the allocation of proceeds related to collection costs. Under the previous agreement, all cash collected from third parties related to collection costs (lien filing fees, process and serve costs) were allocated to the related party law firm. Under the new agreement, any recovery of these collection costs are accounted for as a reduction in expense incurred by the Company. For the nine months ended September 30, 2015, $340,186 in proceeds from property owners was recognized by the Company and recorded as a reduction of collection costs incurred. |
| Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
| Sep. 30, 2015 | |
| Nature of Operations | Nature of Operations LM Funding America, Inc. (“LMFA”) was formed as a Delaware corporation on April 20, 2015. LMFA was formed for the purposes of completing a public offering and related transactions in order to carry on the business of LM Funding, LLC and its subsidiaries. LMFA is the sole member of LM Funding, LLC and operates and controls all of the businesses and affairs of LM Funding, LLC and, through LM Funding, LLC and its subsidiaries, will continue to conduct the business that is now conducted by these subsidiaries. |
| Basis of Accounting | Basis of Accounting The balance sheet is presented in accordance with accounting principles generally accepted in the United States of America. Separate statements of operations, changes in stockholder’s equity, and cash flows have not been presented in the financial statements because there have been no activities in this entity as of September 30, 2015. |
| LM Funding, LLC and Subsidiaries [Member] | |
| Nature of Operations | Nature of Operations LM Funding, LLC (“Company”) is a Florida limited liability company organized during January, 2008. Under the terms of the Operating Agreement effective January 8, 2008 (“Operating Agreement”) as amended, the Company had two members: BRR Holding, LLC and CGR 63, LLC. The members contributed their shares to LM Funding America, Inc. prior to the closing of its initial public offering. The Company is a specialty finance company that provides funding principally to community associations, almost exclusively located in Florida. The business of the Company is conducted pursuant to relevant state statutes (“Statutes”). The Statutes provide each community association lien rights to secure payment from unit owners (property owners) for assessments, interest, administrative late fees, reasonable attorney’s fees, and collection costs. In addition, the lien rights granted under the Statutes are given a higher priority (a “Super Lien”) than all other lien holders except property tax liens. The Company provides funding to associations for their delinquent assessments from property owners in exchange for an assignment of the association’s right to proceeds collected pursuant to the Statutes. The Company derives its revenues from the proceeds of association collections. The Statutes specify that the rate of interest an association (or its assignor) may charge on delinquent assessments is equal to the rate set forth in the association’s declaration or bylaws. If a rate is not specified, the statutory rate is equal to 18% but may not exceed the maximum rate allowed by law. The Statutes also stipulate that administrative late fees cannot be charged on delinquent assessments unless so provided by the association’s declaration or bylaws and may not exceed the greater of $25 or 5% of each delinquent assessment. The Statutes limit the liability of a first mortgage holder for unpaid assessments and related charges and fees (as set forth above) in the event of title transfer by foreclosure or acceptance of deed in lieu of foreclosure. This liability is limited to the lesser of twelve months of regular periodic assessments or one percent of the original mortgage debt on the unit (the “Super Lien Amount”). |
| Basis of Accounting | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. The interim condensed consolidated financial statements as of September 30, 2015 and for the nine and three months ended September 30, 2015 and September 30, 2014, respectively, are unaudited. In the opinion of management, the interim condensed consolidated financial statements includes all adjustments, consisting only of normal recurring adjustments, necessary to a fair statement of the results for the interim periods. The accompanying condensed consolidated balance sheet as of December 31, 2014 is derived from the audited financial statements presented in the Company’s Registration Statement on Form S-1 declared effective by the SEC on October 21, 2015. |
| Principles of Consolidation | Principles of Consolidation The condensed consolidated financial statements include the accounts of LM Funding, LLC and its wholly-owned subsidiaries: LMF October 2010 Fund, LLC; REO Management Holdings, LLC; LM Funding of Colorado, LLC; LM Funding of Washington, LLC; and LMF SPE #2, LLC. All significant intercompany balances have been eliminated in consolidation. |
| Use of Estimates | Use of Estimates The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include the evaluation of any probable losses on amounts funded under the Company’s New Neighbor Guaranty |
| Revenue Recognition | Revenue Recognition Accounting Standards Codification Receivables Finance Receivables—Original Product Finance Receivables—Special Product (New Neighbor Guaranty program) New Neighbor Guaranty |
| Cash | Cash The Company maintains cash balances at several financial institutions that are insured under the Federal Deposit Insurance Corporation’s (“FDIC”) Transition Account Guarantee Program. Balances with the financial institutions may exceed federally insured limits. |
| Finance Receivables | Finance Receivables Finance receivables are recorded at the amount funded or cost (by unit). The Company evaluates its finance receivables at each period end for losses that are considered probable and can be reasonably estimated in accordance with ASC 450-20. As discussed above, recoverability of funded amounts under the Company’s original product is generally assured because of the protection of the Super Lien Amount. Under the New Neighbor Guaranty The Company did not have any significant receivable balances at September 30, 2015 and December 31, 2014 that met the criteria of ASC 450-20 and as such, did not have an allowance for credit losses at those dates. The Company will charge any receivable against the allowance for credit losses when management believes the uncollectibility of the receivable is confirmed. The Company considers writing off a receivable when (i) a first mortgage holder who names the association in a foreclosure suit takes title and satisfies an estoppel letter for amounts owed which are less than amounts the Company funded to the association; (ii) a tax deed is issued with insufficient excess proceeds to pay amounts the Company funded to the association; or (iii) an association settles an account for less than amounts the Company funded to the association. Upon the occurrence of any of these events, the Company evaluates the potential recovery via a deficiency judgment against the prior owner and the ability to collect upon the deficiency judgment within the 20 year statute of limitations period or whether the deficiency judgment can be sold. Additionally, with New Neighbor Guaranty |
| Real Estate Assets Held for Sale | Real Estate Assets Held for Sale In the event collection of a delinquent assessment results in a unit being sold in a foreclosure auction, the Company has the right to bid (on behalf of the community association) for the delinquent unit as attorney in fact, applying any amounts owed for the delinquent assessment to the foreclosure price as well as any additional funds that the Company, in its sole discretion, decides to pay. If a delinquent unit becomes owned by the community association by acquiring title through an association lien foreclosure auction, by accepting a deed-in-lieu of foreclosure, or by any other way, the Company in its sole discretion may direct the community association to quitclaim title of the unit to the Company. Properties quitclaimed to the Company are recognized as real estate assets held for sale in the accompanying condensed consolidated balance sheets. Real estate held for sale consists solely of costs incurred by the Company in excess of original funding. The Company does not incur any costs on many of its properties that are held for sale. Real estate held for sale is adjusted to fair value less cost to dispose in the event the carrying value of a unit or property exceeds its estimated net realizable value. If the Company elects to take a quitclaim title to a unit or property held for sale, the Company is responsible to pay all future assessments on a current basis, until a change of ownership occurs. The community association must allow the Company to lease or sell the unit to satisfy obligations for delinquent assessments of the original debt. All proceeds collected from the rental or sale of the unit shall be first applied to all amounts due the Company plus any additional funds paid by the Company to purchase the unit, if applicable. Rental revenues and sales proceeds related to real estate assets held for sale are recognized when earned and realizable. Expenditures for current assessments owed to associations, repairs and maintenance, utilities, etc. are expensed when incurred. If the community association elects (prior to the Company obtaining title through its own election) to maintain ownership and not quitclaim title to the Company, the community association must pay the Company all interest, late fees, collection costs and legal fees expended, plus the original funding on the unit, which have accrued according to the purchase agreement entered into by the community association and the Company. In this event, the unit will be reassigned to the community association. |
| Property and Equipment | Property and Equipment The Company capitalizes all acquisitions of fixed assets in excess of $500. Property and equipment are stated at cost. Depreciation is provided on the straight-line method over the estimated useful lives of the assets. Fixed assets are comprised of furniture, computer and office equipment with an assigned useful life of 3 to 5 years. Property and equipment also includes capitalized software costs. Capitalized software costs include costs to develop software to be used solely to meet the Company’s internal needs, consist of employee salaries and benefits and fees paid to outside consultants during the application development stage, and are amortized over their estimated useful life of 5 years. As of September 30, 2015 and December 31, 2014, capitalized software costs, net of accumulated amortization, was $92,324 and $114,988, respectively. Amortization expense for capitalized software costs for the periods ended September 30, 2015 and December 31, 2014 was $23,973 and $1,308, respectively. |
| Debt Issue Costs | Debt Issue Costs The Company capitalizes all debt issue costs and amortizes them on a method that approximates the effective interest method over the remaining term of the note payable. Debt issue costs of $305,545 at September 30, 2015 and $290,688 at December 31, 2014 are presented in the accompanying condensed consolidated balance sheets with other assets. |
| Settlement Costs with Associations | Settlement Costs with Associations Community associations working with the Company will at times incur costs in connection with litigation initiated by the Company against property owners and or mortgage holders. These costs include settlement agreements whereby the community association agrees to pay some monetary compensation to the opposing party or judgments against the community associations for fees of opposing legal counsel or other damages awarded by the courts. The Company indemnifies the community association for these costs pursuant to the provisions of the agreement between the Company and the community association. Costs incurred by the Company for these indemnification obligations for the nine months ended September 30, 2015 and 2014 approximated $517,000 and $319,000, respectively. The Company does not limit its indemnification based on amounts ultimately collected from property owners. |
| Income Taxes | Income Taxes The Company did not incur income taxes; instead, its earnings were included in the tax returns of separate limited liability companies of the members and taxed depending on their personal tax situations. The financial statements, therefore, do not include a provision for income taxes. |
| Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825-10, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet. The Company engages a third party valuations firm to estimate the fair value of its finance receivables at year end and reviews the methods and assumptions used by the firm for reasonableness at that time. The Company estimates that the fair values of all other financial instruments at September 30, 2015 and December 31, 2014 did not differ materially from the carrying amounts reported in the accompanying condensed consolidated balance sheets, principally because of the short maturity of those assets and liabilities. |
| Risks and Uncertainties | Risks and Uncertainties Funding amounts are secured by a priority lien position provided under Florida law (see discussion above regarding Florida statute 718.116). However, in the event the first mortgage holder takes title to the property, the amount payable by the mortgagee to satisfy the priority lien is capped under this same statute and would generally only be sufficient to reimburse the Company for funding amounts noted above for delinquent assessments. Amounts paid by the mortgagee would not generally reimburse the Company for interest, administrative late fees and collection costs. Even though the Company does not recognize these charges as revenues until collected, its business model and long-term viability is dependent on its ability to collect these charges. In the event a delinquent unit owner files for bankruptcy protection, the Company may at its option be reimbursed by the association for the amounts funded (i.e., purchase price) and all collection rights are re-assigned to the association. |
| New Accounting Pronouncements | New Accounting Pronouncements On May 28, 2014, the Financial Accounting Standards Board issued ASU 2014-09— Revenue from Contracts with Customers (Topic 606) |
| Stockholder's Equity - Additional Information (Detail) - $ / shares | Sep. 30, 2015 | Apr. 20, 2015 |
| Equity [Line Items] | ||
| Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
| Preferred stock, par value | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 10,000,000 | 10,000,000 |
| Common stock, par value | $ 0.001 | $ 0.001 |
| Preferred stock, shares issued | 0 | 0 |
| Preferred stock, shares outstanding | 0 | 0 |
| Common stock, shares issued | 0 | 0 |
| Common stock, shares outstanding | 0 | 0 |
| Scenario Previously Reported [Member] | ||
| Equity [Line Items] | ||
| Preferred stock, shares authorized | 20,000,000 | |
| Preferred stock, par value | $ 0.001 | |
| Common stock, shares authorized | 80,000,000 | |
| Common stock, par value | $ 0.001 | |
| Preferred stock, shares issued | 0 | |
| Preferred stock, shares outstanding | 0 | |
| Common stock, shares issued | 0 | |
| Common stock, shares outstanding | 0 | |
| Certificate of Incorporation Amendment [Member] | ||
| Equity [Line Items] | ||
| Preferred stock, shares authorized | 5,000,000 | |
| Preferred stock, par value | $ 0.001 | |
| Common stock, shares authorized | 10,000,000 | |
| Common stock, par value | $ 0.001 |
| Subsequent Events - Additional Information (Detail) | Oct. 30, 2015USD ($)sharesUnitWarrant$ / shares | Sep. 30, 2015 |
| IPO [Member] | ||
| Subsequent Event [Line Items] | ||
| IPO units description | Each unit consisting of one share of common stock and one warrant to purchase one share of common stock | |
| Subsequent Event [Member] | CRE Funding LLC [Member] | ||
| Subsequent Event [Line Items] | ||
| Percentage held by minority interest | 5.00% | |
| Purchase amount of minority interest | $ 250,000 | |
| Rights giveup amount | $ 123,693 | |
| Subsequent Event [Member] | IPO [Member] | ||
| Subsequent Event [Line Items] | ||
| Number of units closed in IPO | Unit | 1,200,000 | |
| IPO offering price | $ / shares | $ 10 | |
| Number of common stock in each units | shares | 1 | |
| Number of warrants to purchase in each units | Warrant | 1 |
| Summary of Significant Accounting Policies - Additional information (Detail) - LM Funding, LLC and Subsidiaries [Member] | 9 Months Ended | 12 Months Ended | |
| Sep. 30, 2015USD ($)Ownership | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
| Summary Of Significant Accounting Policies [Line Items] | |||
| Number of members | Ownership | 2 | ||
| Maximum statutory delinquent assessments rate | 18.00% | ||
| Maximum administrative late fees | $ 25 | ||
| Percentage of maximum administrative late fees on delinquent assessment | 5.00% | ||
| Credit insurance purchases basis on delinquent assessments period | 6 months | ||
| Recoveries under credit insurance program | $ 158,079 | $ 42,143 | |
| Allowance for credit losses | $ 0 | $ 0 | |
| Maximum potential recovery period from statute of limitations period | 20 years | ||
| Maximum acquisition amount limit for capitalization of fixed assets | $ 500 | ||
| Capitalized software costs, net of accumulated amortization | 92,324 | 114,988 | |
| Amortization expense for capitalized software costs | 23,973 | 1,308 | |
| Debt issue costs, net | 305,545 | $ 290,688 | |
| Settlement costs with associations | $ 517,000 | $ 319,000 | |
| Furniture [Member] | Minimum [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Estimated useful lives | 3 years | ||
| Furniture [Member] | Maximum [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Estimated useful lives | 5 years | ||
| Computer [Member] | Minimum [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Estimated useful lives | 3 years | ||
| Computer [Member] | Maximum [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Estimated useful lives | 5 years | ||
| Office Equipment [Member] | Minimum [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Estimated useful lives | 3 years | ||
| Office Equipment [Member] | Maximum [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Estimated useful lives | 5 years | ||
| Special Product [Member] | |||
| Summary Of Significant Accounting Policies [Line Items] | |||
| Delinquent assessments maximum due period purchases basis | 48 months | ||
| Change in Related Party Agreement - Additional Information (Detail) | 9 Months Ended |
| Sep. 30, 2015USD ($) | |
| LM Funding, LLC and Subsidiaries [Member] | |
| Related Party Transaction [Line Items] | |
| Proceeds from property owners | $ 340,186 |
