Redwood Mortgage Investors Viii 10-Q 13 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2018shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Trading Symbol	CK0000889123
Entity Registrant Name	REDWOOD MORTGAGE INVESTORS VIII
Entity Central Index Key	889,123
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding	0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
ASSETS
Cash, in banks	$ 10,187	$ 1,723
Loans, Secured by deeds of trust
Principal	107,241	129,955
Advances	55	484
Accrued interest	771	1,209
Prepaid interest	(455)
Loan balance, secured	107,612	131,648
Unsecured		24
Allowance for loan losses	0	0
Loans, net	107,612	131,672
Real estate owned (REO)	3,759	7,014
Other assets, net	71	124
Total assets	121,629	140,533
Liabilities
Accounts payable and other accrued liabilities	364	161
Total liabilities	364	161
Partners’ capital
Limited partners’ capital, subject to liquidation, net	127,110	146,791
General partners’ capital (deficit)	(749)	(785)
Total partners’ capital, net	126,361	146,006
Receivable from manager (formation loan)	(5,096)	(5,634)
Partners’ capital subject to liquidation, net of formation loan	121,265	140,372
Total liabilities and partners’ capital	$ 121,629	$ 140,533

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Loans
Interest income	$ 1,983	$ 2,618	$ 7,159	$ 6,806
Late fees	10	12	74	27
Gain on sale, loans			7
Revenue, loans	1,993	2,630	7,240	6,833
Provision for (recovery of) loan losses			(13)	(25)
Loans, net	1,993	2,630	7,253	6,858
REO
Rental operations, net		(179)		(503)
Realized gains/(losses) on sales		441	113	1,302
Impairment	(48)		(48)
Holding costs, net of other income	(45)	(8)	(189)	(23)
REO, net	(93)	254	(124)	776
Total revenues, net	1,900	2,884	7,129	7,634
Operations expense
Mortgage servicing fees	360	483	1,231	1,230
Asset management fees	126	148	396	459
Costs from Redwood Mortgage Corp.	384	516	1,260	1,518
Professional services	180	198	696	838
Other	(2)	(6)	(46)	15
Total operations expense	1,048	1,339	3,537	4,060
Net income	852	1,545	3,592	3,574
Limited partners (99%)	843	1,530	3,556	3,538
General partners (1%)	$ 9	$ 15	$ 36	$ 36

Consolidated Statements of In_2

Consolidated Statements of Income (Unaudited) (Parenthetical)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Limited partners	99.00%	99.00%	99.00%	99.00%
General partners	1.00%	1.00%	1.00%	1.00%

Statements of Changes in Partne

Statements of Changes in Partners' Capital (unaudited) - USD ($) $ in Thousands	Total	Capital Subject to Liquidation Net [Member]Limited Partner [Member]	Partners Capital (Deficit) [Member]General Partner [Member]	Capital Units [Member]
Beginning balance at Dec. 31, 2017	$ 140,372	$ 146,791	$ (785)	$ 146,006
Net income	3,592	3,556	36	3,592
Distributions		(1,916)		(1,916)
Liquidations		(21,321)		(21,321)
Ending balance at Sep. 30, 2018	121,265	127,110	(749)	126,361
Beginning balance at Jun. 30, 2018		134,042	(758)	133,284
Net income	852	843	9	852
Distributions		(584)		(584)
Liquidations		(7,191)		(7,191)
Ending balance at Sep. 30, 2018	$ 121,265	$ 127,110	$ (749)	$ 126,361

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Cash from Operations
Interest received	$ 1,919	$ 2,338	$ 7,554	$ 6,273
Other loan income	12	13	71	27
Operations expense	(927)	(1,186)	(3,319)	(4,060)
Rental operations, net	27	(148)	49	(520)
Holding costs	(45)	(9)	(189)	(24)
Total cash provided (used) by operations	986	1,008	4,166	1,696
Cash from Investing Activities
Principal collected on loans - secured	2,838	1,460	32,757	14,402
Loans sold to affiliates			5,890
Loans acquired from affiliates				(1,000)
Loans sold to non-affiliate, net			7,247
Unsecured loan payments received	7	5	24	16
Loans originated	(17,725)	(7,750)	(23,125)	(50,618)
Prepaid interest	455		455
Advances on loans		(375)	428	(377)
Total - Loans	(14,425)	(6,660)	23,676	(37,577)
Sales	1,279	3,998	3,321	12,222
Development and acquisition		(108)		(241)
Total - REO	1,279	3,890	3,321	11,981
Total cash provided (used) by investing activities	(13,146)	(2,770)	26,997	(25,596)
Distributions to partners
Cash – partner liquidations	(7,191)	(5,782)	(21,321)	(16,399)
Formation loan payment, net of early withdrawal fees	180	87	538	215
Cash – partner distributions	(584)	(699)	(1,916)	(2,104)
Cash Distributions to partners, net	(7,595)	(6,394)	(22,699)	(18,288)
Total cash provided (used) by financing activities	(7,595)	(6,394)	(22,699)	(18,288)
Net increase/(decrease) in cash	(19,755)	(8,156)	8,464	(42,188)
Cash and cash equivalents, beginning of period	29,942	11,291	1,723	45,323
Cash and cash equivalents, end of period	10,187	3,135	10,187	3,135
Net income	852	1,545	3,592	3,574
Adjustments to reconcile net income to net cash provided by (used in) operating activities
(Gain) on sale, loans			(7)
REO – loss/(gain) on disposal		(441)	(113)	(1,302)
REO – impairment	48		48
Change in operation assets and liabilities
Accrued interest	(63)	(281)	395	(534)
Other assets	31	154	48	209
Accounts payable and other liabilities	118	31	207	(251)
Payable to affiliate			(4)
Total cash provided (used) by operations	$ 986	$ 1,008	$ 4,166	$ 1,696

Organization and General

Organization and General	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Organization and General	NOTE 1 – ORGANIZATION AND GENERAL In the opinion of the general partners, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal, recurring adjustments, necessary to present fairly the consolidated financial information included therein. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the partnership’s Form 10-K for the fiscal year ended December 31, 2017 filed with the U.S. Securities and Exchange Commission (SEC). The results of operations for the three and nine month periods ended September 30, 2018 are not necessarily indicative of the operations results to be expected for the full year. Redwood Mortgage Investors VIII, a California Limited Partnership (RMI VIII or the partnership), was formed in 1993 to engage in business as a mortgage lender and investor by making and holding-for-investment mortgage loans secured by California real estate, primarily by first and second deeds of trust. The ongoing sources of funds for loans are the proceeds from: • loan payoffs; • borrowers’ monthly principal and interest payments; • earnings retained (i.e. not distributed) in partners’ capital accounts; • REO sales; • Loan sales; and, • a line of credit, if obtained. The partnership is externally managed by Redwood Mortgage Corp., a general partner (RMC or the manager). The general partners are Redwood Mortgage Corp. (RMC) and Michael R. Burwell (Burwell), an individual. The mortgage loans the partnership funds and/or invests in are arranged and generally are serviced by RMC. Limited partners representing a majority of the outstanding units may, without the consent of the general partners, vote to: • dissolve the partnership; • amend the partnership agreement subject to certain limitations; • approve or disapprove the sale of all or substantially all of the assets of the partnership; and, • remove or replace one or all of the general partners. A majority in interest of partnership units is required to elect a new general partner to continue the partnership business after a general partner ceases to be a general partner due to its withdrawal. Profits and losses are allocated among the limited partners according to their respective capital accounts after one percent (1%) of profits and losses are allocated to the general partners. The profit allocation to the general partners amounted to approximately $9,000 and $15,000 for the three months ended and $36,000 and $36,000 for the nine months ended September 30, 2018 and 2017, respectively. Beginning in 2010, and continuing until January 1, 2020, RMC assigned its right to two-thirds of one percent (0.66%) of profits and losses to Burwell in exchange for Burwell assuming one hundred percent (100%) of the general partners’ equity deficit. The monthly results are subject to subsequent adjustment as a result of quarterly and year-end accounting and reporting. Investors should not expect the partnership to provide tax benefits of the type commonly associated with limited partnership tax shelter investments. Federal and state income taxes are the obligation of the partners, other than the annual California franchise tax and the California LLC cash receipts taxes paid by the partnership’s subsidiaries. Distribution policy At the time of their subscription for units, partners elect to have distributed to them their monthly, quarterly or annual allocation of profits, or to have profits allocated to their capital accounts be retained by the partnership to compound. Subject to certain limitations, those electing compounding may subsequently change their election. A partner’s election to receive cash distributions is irrevocable. Liquidity, capital withdrawals and early withdrawals There are substantial restrictions on transferability of units, and there is no established public trading and/or secondary market for the units. To provide liquidity to limited partners, the partnership agreement provides that limited partners, after the minimum five-year period, may withdraw all or a portion of their capital accounts in 20 quarterly installments or longer, as determined by the general partners in light of partnership cash flow, beginning the last day of the calendar quarter following the quarter in which the notice of withdrawal is given. A limited partner may liquidate all or a part of the limited partner’s capital account in four quarterly installments beginning on the last day of the calendar quarter following the quarter in which the notice of withdrawal is given, subject to a 10% early withdrawal penalty applicable to any sums withdrawn prior to the time when such sums could have been withdrawn without penalty. There is a limited right of accelerated liquidation for an investor’s heirs upon an investor’s death. The partnership has not established a cash reserve from which to fund redemptions and, accordingly, the partnership’s capacity to return a limited partner’s capital is subject to the availability of partnership cash. The General Partner is under no obligation to sell loans from the portfolio in order to honor redemption requests, and the program can be restricted or suspended at any time. Cash flow is considered to be available only after all current partnership expenses have been paid (including compensation to the general partners and affiliates) and adequate provision has been made for the payment of all periodic cash distributions on a pro rata basis which must be paid to limited partners who elected to receive such distributions upon subscription for units. Per the Limited Partnership Agreement, no more than 20% of the total limited partners’ capital account balances at the beginning of any year may be liquidated during any calendar year. Notwithstanding this 20%, the general partners shall have the discretion to further limit the percentage of total limited partners’ capital accounts that may be withdrawn in order to comply with the safe harbor provisions of the regulations under Section 7704 of the Internal Revenue Code of 1986, as amended, to avoid the partnership being taxed as a corporation. If notices of withdrawal in excess of these limitations are received by the general partners, the priority of distributions among limited partners shall be determined as follows: first to those limited partners withdrawing capital accounts according to the 20 quarter or longer installment liquidation period, then to Benefit Plan Investors withdrawing capital accounts after five years over four quarterly installments, then to executors, heirs, and other administrators withdrawing capital accounts upon the death of a limited partner and finally to all other limited partners withdrawing capital accounts. Except as provided above, withdrawal requests will be considered by the general partners in the order received . Investment objectives and lending guidelines The partnership’s primary investment objectives are to: • yield a high rate of return from mortgage lending, after the payment of certain fees and expenses to the general partners and their affiliates; and, • preserve and protect the partnership’s capital. The partnership generally funds loans: • having monthly payments of interest only or of principal and interest at fixed rates, calculated on a 30-year amortization basis; and, • having maturities of 5 years or less. The partnership’s loans generally have shorter maturity than typical mortgages. In the event that a loan is performing, and collection is deemed probable at maturity, the partnership may elect to extend the loans maturity. In the event a borrower is unable to repay in full the principal owing on the loan maturity, the partnership may elect to modify the loan payment terms and place the designated loan as impaired, or may foreclose and take back the property for sale. Generally, interest rates on the partnership’s mortgage loans have not been affected by market movements in interest rates. If, as expected, the partnership continue to make and invest in fixed rate loans primarily, and interest rates were to rise, a possible result would be lower prepayments of the partnership’s loans. This increase in the duration of the time loans are on the books may reduce overall liquidity, which itself may reduce the partnership’s investment into new loans at higher interest rates. Conversely, if interest rates were to decline, the partnership could see a significant increase in borrower prepayments. If the partnership then invest in new loans at lower rates of interest, a lower yield to partners may possibly result. The cash flow and the income generated by the real property securing the loan factor into the credit decisions, as does the general creditworthiness, experience and reputation of the borrower. However, for loans secured by real property, other than owner-occupied personal residences, such considerations are subordinate to a determination that the value of the real property is sufficient, in and of itself, as a source of repayment. The amount of the loan combined with the outstanding debt and claims secured by a senior deed of trust on the real property generally will not exceed a specified - - as determined by an independent written appraisal at time the loan is made. The LTV generally will not exceed 80% for residential properties (including multi-family), 75% for commercial properties, and 50% for land. The excess of the value of the collateral securing the loan over the partnership’s debt and any senior debt owing on the property is the “protective equity.” The partnership believes its LTV policy provides more potential protective equity than competing lenders who fund loans with a higher LTV. However, the partnership may be viewed as an “asset” lender based on its emphasis on LTV in its underwriting process. Being an “asset” lender may increase the likelihood of payment defaults by borrowers. Accordingly, the partnership may have a higher level of payment delinquency and loans designated as impaired for financial reporting purposes than that of lenders, such as banks and other financial institutions subject to federal and state banking regulations, which are typically viewed as “credit” lenders. Term of the partnership The partnership will continue until 2032, unless sooner terminated as provided in the partnership agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The partnership’s consolidated financial statements include the accounts of the partnership, its wholly-owned subsidiaries (consisting of single-member limited liability companies owning a single real property asset). All significant intercompany transactions and balances have been eliminated in consolidation. Management estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the dates of the financial statements and the reported amounts of revenues and expenses during the reported periods. Such estimates relate principally to the determination of the allowance for loan losses, including, when applicable, the valuation of impaired loans, (which itself requires determining the fair value of the collateral), and the valuation of real estate held for sale and held as investment, at acquisition and subsequently. Actual results could differ significantly from these estimates. Fair value estimates GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are: • independent; • knowledgeable; • able to transact; and, • willing to transact. Fair values of assets and liabilities are determined based on the fair value hierarchy established in GAAP. The hierarchy is comprised of three levels of inputs to be used. • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the partnership has the ability to access at the measurement date. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly in active markets and quoted prices for identical assets or liabilities that are not active, and inputs other than quoted prices that are observable or inputs derived from or corroborated by market data. • Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs reflect the partnership’s own assumptions about the assumptions market participants would use in pricing the asset or liability (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances and may include the partnership’s own data. The fair value of the collateral is determined by exercise of judgment based on management’s experience informed by appraisals (by licensed appraisers), brokers’ opinion of values, and publicly available information on in-market transactions. Appraisals of commercial real property generally present three approaches to estimating value: • market comparables or sales approach; • cost to replace; and, • capitalized cash flows or investment approach. These approaches may or may not result in a common, single value. The market-comparables approach may yield several different values depending on certain basic assumptions, such as, determining highest and best use (which may or may not be the current use); determining the condition (e.g. as-is, when-completed, or for land when-entitled); and determining the unit of value (e.g. as a series of individual unit sales or as a bulk disposition). Management has the requisite familiarity with the markets it lends in generally and of the properties lent on specifically to analyze sales-comparables and assess their suitability/applicability. Management is acquainted with market participants – investors, developers, brokers, lenders – that are useful, relevant secondary sources of data and information regarding valuation and valuation variability. These secondary sources may have familiarity with and perspectives on pending transactions, successful strategies to optimize value, and the history and details of specific properties – on and off the market – that enhance the process and analysis that is particularly and principally germane to establishing value in distressed markets and/or property types. Cash and cash equivalents The partnership considers all highly liquid financial instruments with maturities of three months or less at the time of purchase to be cash equivalents. At September 30, 2018, substantially all of the partnership’s cash balances in banks exceed the federal depository insurance limit of $250,000. Loans and interest income Loans generally are stated at the unpaid principal balance (principal). The manager has discretion to pay amounts (advances) to third parties on behalf of borrowers to protect the partnership’s interest in the loan. Advances include, but are not limited to, the payment of interest and principal on a senior lien to prevent foreclosure by the senior lien holder, property taxes, insurance premiums, and attorney fees. Advances generally are stated at the unpaid principal balance and accrue interest until repaid by the borrower. The partnership may fund a specific loan origination net of an interest reserve (one to two years) to insure timely interest payments at the inception of the loan. As monthly interest payments become due, the partnership funds the payments into the affiliated trust account. In the event of an early loan payoff, any unapplied interest reserves would be first applied to any accrued but unpaid interest and then as a reduction of principal. If based upon current information and events, it is probable the partnership will be unable to collect all amounts due according to the contractual terms of the loan agreement, then a loan may be designated as impaired. Impaired loans are included in management’s periodic analysis of recoverability. If a valuation allowance had been established on an impaired loan, any subsequent payments on impaired loans are applied to late fees and then to reduce first the accrued interest, then advances, and then unpaid principal. From time to time, the partnership negotiates and enters into loan modifications with borrowers whose loans are delinquent. If the loan modification results in a significant reduction in the cash flow compared to the original note, the modification is deemed a troubled debt restructuring and a loss is recognized. In the normal course of the partnership’s operations, loans that mature may be renewed at then current market rates and terms for new loans. Such renewals are not designated as impaired, unless the matured loan was previously designated as impaired. Interest is accrued daily based on the unpaid principal balance of the loans. Impaired loans continue to recognize interest income as long as the loan is in the process of collection and is considered to be well-secured. Impaired loans are placed on non-accrual status if 180 days delinquent or at the earlier of management’s determination that the primary source of repayment will come from the foreclosure and subsequent sale of the collateral securing the loan (which usually occurs when a notice of sale is filed) or when the loan is no longer considered well-secured. When a loan is placed on non-accrual status, the accrual of interest is discontinued; however, previously recorded interest is not reversed. A loan may return to accrual status when all delinquent interest and principal payments become current in accordance with the terms of the loan agreement. Allowance for loan losses Loans and the related accrued interest and advances (i.e. the loan balance) are analyzed on a periodic basis for ultimate recoverability. Delinquencies are identified and followed as part of the loan system. Collateral fair values are reviewed quarterly and the protective equity for each loan is computed. As used herein, “protective equity” is the dollar amount by which the fair value of the collateral, net of any senior liens, exceeds the loan balance, where “loan balance” is the sum of the unpaid principal, advances and the recorded interest thereon. This computation is done for each loan (whether impaired or performing), and while loans secured by collateral of similar property type are grouped, there is enough distinction and variation in the collateral that a loan-by-loan, collateral-by-collateral analysis is appropriate. For loans designated impaired, a provision is made for loan losses to adjust the allowance for loan losses to an amount such that the net carrying amount (unpaid principal less the specific allowance) is reduced to the lower of the loan balance or the estimated fair value of the related collateral, net of any senior loans and net of any costs to sell in arriving at net realizable value. Loans determined not to be individually impaired are grouped by the property type of the underlying collateral, and for each loan and for the total by property type, the amount of protective equity or amount of exposure to loss ( i.e., The partnership charges off uncollectible loans and related receivables directly to the allowance account once it is determined the full amount is not collectible. At foreclosure, any excess of the recorded investment in the loan (accounting basis) over the net realizable value is charged against the allowance for loan losses. Real estate owned (REO) Real estate owned (REO) is property acquired in full or partial settlement of loan obligations generally through foreclosure, and is recorded at acquisition at the lower of the amount owed on the loan (legal basis), plus any senior indebtedness, or at the property’s net realizable value, which is the fair value less estimated costs to sell, as applicable. The fair value estimates are derived from information available in the real estate markets including similar property, and often require the experience and judgment of third parties such as commercial real estate appraisers and brokers. The estimates figure materially in calculating the value of the property at acquisition, the level of charge to the allowance for loan losses and any subsequent valuation reserves. After acquisition, costs incurred relating to the development and improvement of property are capitalized to the extent they do not cause the recorded value to exceed the net realizable value, whereas costs relating to holding and disposition of the property are expensed as incurred. After acquisition, REO is analyzed periodically for changes in fair values and any subsequent write down is charged to operations expense. Any recovery in the fair value subsequent to such a write down is recorded, not to exceed the value recorded at acquisition. Recognition of gains on the sale of real estate is dependent upon the transaction meeting certain criteria related to the nature of the property and the terms of the sale including potential seller financing. Rental income/depreciation Rental income is recognized when earned in accordance with the lease agreement. For commercial leases, the costs associated with originating the lease are amortized over the lease term. Residential lease terms generally range from month-to-month to one-year, and the expenses of originating the lease are expensed as incurred. Real estate owned that is designated held for sale is not depreciated. Real estate that was designated held for investment, and rented was depreciated on a straight-line basis over the estimated useful life of the property. Recently issued accounting pronouncements - Accounting and Financial Reporting for Revenue Recognition On May 28, 2014, the Financial Accounting Standards Board (FASB) issued a final Accounting Standard Update (ASU) on revenue from contracts with customers. The standard issued as ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard was effective January 1, 2018, and has been adopted using the modified retrospective approach. Adoption of the revenue standard did not have an impact on the partnership’s current revenue recognition policies since the scope of guidance is not applicable to financial instruments including loans and therefore did not have an impact on the recognition of interest income or late fees. The adoption of the revenue standard also did not change the revenue recognition from the sale of REOs as the REO dispositions are cash sales with no contingencies and no future involvement by the partnership in the property. The revenue recognition standard may impact the gain on sale of real estate when the sale is financed by the partnership, however there have been no such sales financed by the partnership during 2018. - Accounting and Financial Reporting for Expected Credit Losses The FASB issued an ASU that significantly changes how entities will account for credit losses for most financial assets that are not measured at fair value through net income. The new standard will supersede currently in effect guidance and applies to all entities. Entities will be required to use a current expected credit loss (CECL) model to estimate credit impairment. This estimate will be forward-looking, meaning management will be required to use forecasts about future economic conditions to determine the expected credit loss over the remaining life of an instrument. This will be a significant change from the current incurred credit loss model and generally may result in allowances being recognized in earlier periods than under the current credit loss model. The manager expects to adopt the ASU for interim and annual reporting in 2020. RMI VIII invests in real estate secured loans made with the expectation of zero credit losses as a result of substantial protective equity provided by the underlying collateral. For a loss to be recognized under the CECL or incurred loss model, if the lending/loan-to-value guidelines are followed effectively, an intervening, subsequent-to-loan-funding, event must negatively impact the value of the underlying collateral of the loan in an amount greater than the amount of protective equity provided by the collateral. Such an event would be either (or both) of: • an uninsured event(s) specifically impacting the collateral; or, • a non-temporary decline in values in the applicable real estate market. In both of these instances the treatment would be the same in the incurred loss and CECL models of approximately the same amount. Other than in these events, the probable of occurrence criteria of the incurred loss model is not triggered and a loss is not recognized. Further, if the zero-expected-loss lending guideline is preserved and the protective equity provided by the collateral is not expected to be impaired over the life of the loans, then a loss is not required to be recognized under the CECL model. This convergence between the CECL and incurred loss models as to loss recognition – as an event driven occurrence – in low LTV, real estate secured programs caused RMC to conclude that the CECL model will not materially impact the reported results of operations or financial position as compared to that which would be reported in the incurred loss model.

General Partners and Other Rela

General Partners and Other Related Parties	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
General Partners and Other Related Parties	NOTE 3 – GENERAL PARTNERS AND OTHER RELATED PARTIES The general partners, RMC and Burwell, are entitled to 1% of the profits and losses of the partnership. See Note 1 (Organization and General). Mortgage servicing fees RMC earns mortgage servicing fees of up to 1.5% annually of the unpaid principal balance of the loan portfolio. The mortgage servicing fees are accrued monthly on all loans. Remittance to RMC is made monthly unless the loan has been assigned a specific loss reserve, at which point remittance is deferred until the specific loss reserve is no longer required, or the property has been acquired by the partnership. Mortgage servicing fees paid to RMC were approximately $360,000 and $483,000 for the three months ended and $1,231,000 and $1,230,000 for the nine months ended September 30, 2018 and 2017, respectively. No mortgage servicing fees were waived in any period reported. Asset The general partners receive monthly fees for managing the partnership’s loan portfolio and operations of up to 1/32 of 1% of the “net asset value” (3/8 of 1% annually). Asset management fees paid to the general partners were approximately $126,000 and $148,000, for the three months ended and $396,000 and $459,000 for the nine months ended September 30, 2018 and 2017, respectively. No asset management fees were waived in any period presented. Costs from Redwood Mortgage Corp . RMC is reimbursed by the partnership for operating expenses incurred on behalf of the partnership, including without limitation, accounting and audit fees, legal fees and expenses, postage and preparation of reports to limited partners, and out-of-pocket general and administration expenses. Other costs are allocated pro-rata based on the percentage of total capital of all mortgage funds managed by RMC. Payroll and consulting fees are broken out first based on activity, and then allocated to the company on a pro-rata basis based on percentage of capital to the total capital of all mortgage funds. The decision to request reimbursement of any qualifying charges is made by RMC at its sole discretion. Operating expenses totaling approximately $384,000 and $516,000, for the three months ended and $1,260,000 and $1,518,000 for the nine months ended September 30, 2018 and 2017, respectively, were reimbursed to RMC. Commissions and fees are paid by the borrowers to RMC Brokerage commissions, loan originations For fees in connection with the review, selection, evaluation, negotiation and extension of loans, the general partners may collect loan brokerage commissions (points) limited to an amount not to exceed 4% of the total partnership assets per year. The loan brokerage commissions are paid by the borrowers and thus, are not an expense of the partnership. Other fees RMC receives fees for processing, notary, document preparation, credit investigation, reconveyance and other mortgage related fees. The amounts received are customary for comparable services in the geographical area where the property securing the loan is located, payable solely by the borrower and not by the partnership. In the ordinary course of business, performing loans may be assigned, in-part or in-full, between the affiliated mortgage funds at par. During the nine months ended September 30, 2018, the partnership assigned two performing loans in-full to Redwood Mortgage Investors IX, LLC, an affiliated mortgage fund, at par value of approximately $5,890,000. The partnership received cash for the assignment and has no continuing obligation or involvement on the assigned loans. During the nine months ended September 30, 2017, the Redwood Mortgage Investors IX, LLC, assigned one loan at par value of approximately $1,000,000 to the partnership. Formation loan/Commissions paid to broker-dealers Commissions for sales of limited partnership units paid to broker-dealers (B/D sales commissions) were paid by RMC and were not paid directly by the partnership out of offering proceeds. Instead, the partnership advanced to RMC amounts sufficient to pay the B/D sales commissions and premiums paid to partners in connection with unsolicited orders up to 7% of offering proceeds. The receivable arising from the advances is unsecured, and non-interest bearing and is referred to as the “formation loan.” The primary source of the repayments made by RMC on the formation loan is expected to be loan brokerage commissions. As of September 30, 2018, the partnership had made such advances of approximately $22,567,000, of which approximately $5,096,000 remain outstanding on the formation loan. If the general partners are removed and RMC is no longer receiving payments for services rendered, the formation loan is forgiven, per the terms of the partnership agreement. The formation loan activity is summarized in the following table for the nine months ended September 30, 2018 ($ in thousands). 2018 Balance, January 1 $ 5,634 Early withdrawal penalties (538 ) Repayments — Balance, September 30 $ 5,096 The future minimum payments on the formation loan, net of early withdrawal penalties, as of September 30, 2018 are presented in the following table ($ in thousands). 2018 $ 112 2019 650 2020 650 2021 650 2022 650 Thereafter 2,384 Total $ 5,096 The table below sets forth withdrawals of limited partner capital ($ in thousands). For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Capital liquidations-without penalty $ 5,109 $ 4,695 $ 14,897 $ 13,722 Capital liquidations-subject to penalty 2,082 1,087 6,424 2,677 Total $ 7,191 $ 5,782 $ 21,321 $ 16,399 Scheduled liquidations, at September 30 $ 50,545 $ 51,711 $ 50,545 $ 51,711

Loans

Loans	9 Months Ended
	Sep. 30, 2018
Receivables [Abstract]
Loans	NOTE 4 – LOANS Loans generally are funded at a fixed interest rate with a loan term of up to five years. As of September 30, 2018, 45 (80%) of the partnership’s 56 loans (representing 97% of the aggregate principal of the partnership’s loan portfolio) have a term of five years or less from loan inception. The remaining loans have terms longer than five years. Substantially all loans are written without a prepayment penalty clause. As of September 30, 2018, 24 (43%) of the loans outstanding (representing 69% of the aggregate principal balance of the partnership’s loan portfolio) provide for monthly payments of interest only, with the principal due in full at maturity. The remaining loans require monthly payments of principal and interest, typically calculated on a 30-year amortization, with the remaining principal balance due at maturity. Loans unpaid principal balance (principal) Secured loan transactions are summarized in the following table for the three and nine months ended September 30, 2018 ($ in thousands). For the Three Months Ended For the Nine Months Ended Principal, beginning of period $ 92,354 $ 129,955 Loans originated 17,725 23,125 Loans sold to affiliates — (5,890 ) Loans sold to non-affiliate — (7,192 ) Principal payments received (2,838 ) (32,757 ) Principal, September 30, 2018 $ 107,241 $ 107,241 Two loans with an aggregate principal balance of approximately $5,857,000 were renewed during the three months ended September 30, 2018 and eight loans with an aggregate principal balance of approximately $21,661,000 were renewed during the nine months ended September 30, 2018, which are not included in the activity shown above. On June 27, 2018 the partnership closed on the sale of loans comprising approximately 7% of its loan portfolio to an unaffiliated bank (the “Acquiror”) pursuant to an Asset Sale Agreement dated June 27, 2018 (the “Asset Sale Agreement”). The Asset Sale Agreement contains customary representations, warranties, and covenants. The loans sold represented principal of $7,192,267 and interest owing of $43,002. The mortgage servicing rights were released to the Acquiror. The loans sold are secured by property located in the California counties of Alameda, Los Angeles, and Riverside. The loan sale transaction was arranged by a third-party, unaffiliated national firm engaged by RMC. Proceeds from the loan sales was $7,246,839, net of transaction costs of $35,869. The transaction generated an immaterial gain (net of expenses). Loan characteristics Secured loans had the characteristics presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, December 31, 2018 2017 Number of secured loans 56 72 Secured loans – principal $ 107,241 $ 129,955 Secured loans – lowest interest rate (fixed) 5.0 % 5.0 % Secured loans – highest interest rate (fixed) 10.5 % 10.5 % Average secured loan – principal $ 1,915 $ 1,805 Average principal as percent of total principal 1.8 % 1.4 % Average principal as percent of partners’ capital, net of formation loan 1.6 % 1.3 % Average principal as percent of total assets 1.6 % 1.3 % Largest secured loan – principal $ 14,000 $ 14,000 Largest principal as percent of total principal 13.1 % 10.8 % Largest principal as percent of partners’ capital, net of formation loan 11.5 % 10.0 % Largest principal as percent of total assets 11.5 % 10.0 % Smallest secured loan – principal $ 40 $ 44 Smallest principal as percent of total principal 0.1 % 0.1 % Smallest principal as percent of partners’ capital, net of formation loan 0.1 % 0.1 % Smallest principal as percent of total assets 0.1 % 0.1 % Number of California counties where security is located 16 20 Largest percentage of principal in one California county 22.4 % 20.8 % Number of secured loans with a filed notice of default — 2 Secured loans in foreclosure – principal $ — $ 7,607 Number of secured loans with an interest reserve 1 — Interest reserves $ 455 $ — As of September 30, 2018, the partnership’s largest loan, with an unpaid principal balance of approximately $14,000,000 (representing 13.1% of outstanding secured loans and 11.5% of partnership total assets), had an interest rate of 7.25%, was secured by a commercial building in Contra Costa county, and has a maturity of January 1, 2019. This loan paid off in full in October 2018. As of September 30, 2018, the partnership’s second largest loan, with an unpaid principal balance of approximately $10,900,000 (representing 10.2% of outstanding secured loans and 8.9% of partnership total assets) had an interest rate of 7.0%, was secured by a mixed use commercial property located in San Francisco County, and has a maturity of June 1, 2019. As of September 30, 2018, the partnership had no outstanding construction or rehabilitation loans and no commitments to fund construction, rehabilitation or other loans. In September 2018, one interest only secured loan, with principal of $5,355,000,was funded net of 12 months of interest (approximately $455,000). Interest on this loan began accruing on October 1, 2018. In the event that this loan pays off in full prior to its scheduled maturity of September 30, 2019, the remaining unearned interest income will be applied as a reduction of principal. In compliance with California laws and regulations, all borrower receipts are deposited into a bank trust account maintained by RMC, and subsequently disbursed to the partnership after an appropriate holding period. At September 30, 2018, the trust account held a balance relating to the partnership’s loan portfolio of $26,903, consisting of both interest and principal payments from borrowers, all of which was disbursed to the partnership on or before October 16, 2018. Lien position At funding, secured loans had the following lien positions and are presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, 2018 December 31, 2017 Loans Principal Percent Loans Principal Percent First trust deeds 36 $ 93,832 87 % 48 $ 104,244 80 % Second trust deeds 20 13,409 13 23 22,711 17 Third trust deeds — — — 1 3,000 3 Total principal, secured loans 56 $ 107,241 100 % 72 $ 129,955 100 % Liens due other lenders at loan closing 34,175 52,444 Total debt $ 141,416 $ 182,399 Appraised property value at loan closing $ 265,036 $ 346,738 Percent of total debt to appraised values (LTV) at loan closing (1) 56.0 % 55.6 % (1) Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount owing on senior liens to other lenders. Property type Secured loans summarized by property type are presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, 2018 December 31, 2017 Loans Principal Percent Loans Principal Percent Single family (2) 31 $ 32,892 30 % 41 $ 48,117 37 % Multi-family 3 1,713 2 4 4,589 4 Commercial 21 72,186 67 26 76,799 58 Land 1 450 1 1 450 1 Total principal, secured loans 56 $ 107,241 100 % 72 $ 129,955 100 % (2) Single family properties include owner-occupied and non-owner occupied 1-4 unit residential buildings, condominium units, townhouses, and condominium complexes. The single family property type as of September 30, 2018 consists of 15 loans with principal of approximately $8,679,000 that are owner occupied and 16 loans with principal of approximately $24,213,000 that are non-owner occupied. Single family property type at December 31, 2017 consisted of 18 loans with principal of approximately $12,681,000 that are owner occupied and 23 loans with principal of approximately $35,436,000 that are non-owner occupied. Distribution by California counties The distribution of secured loans outstanding by the California county in which the primary collateral is located is presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, 2018 December 31, 2017 Principal Percent Principal Percent San Francisco Bay Area (3) San Francisco $ 24,030 22.4 % 26,206 20.2 % San Mateo 21,146 19.7 15,506 11.9 Contra Costa 14,452 13.5 16,856 13.1 Alameda 4,576 4.3 11,730 9.0 Marin 4,259 4.0 1,597 1.2 Solano 3,560 3.3 2,875 2.2 Santa Clara 790 0.7 6,873 5.3 Napa 561 0.5 569 0.4 73,374 68.4 82,212 63.3 Other Northern California Sacramento 3,300 3.1 3,300 2.4 Amador 741 0.7 754 0.6 Santa Cruz 704 0.7 769 0.6 Monterey 647 0.6 656 0.5 Mariposa 40 — 44 0.1 Lake — — 296 0.2 El Dorado — — 2,044 1.6 5,432 5.1 7,863 6.0 Total Northern California 78,806 73.5 90,075 69.3 Los Angeles & Coastal Los Angeles 18,379 17.1 26,971 20.8 Orange 4,156 3.9 6,653 5.1 San Diego — — 164 0.1 22,535 21.0 33,788 26.0 Other Southern California San Bernardino 5,900 5.5 5,900 4.5 Riverside — — 192 0.2 5,900 5.5 6,092 4.7 Total Southern California 28,435 26.5 39,880 30.7 Total principal, secured loans $ 107,241 100.0 % $ 129,955 100.0 % (3) Includes the Silicon Valley Scheduled maturities Secured loans are scheduled to mature as presented in the following table as of September 30, 2018 ($ in thousands). Scheduled maturities, as of September 30, 2018 Loans Principal Percent 2018 (4) 6 $ 3,294 3 % 2019 30 89,566 84 2020 9 8,154 8 2021 8 4,750 4 2022 1 378 — Thereafter 2 1,099 1 Total future maturities 56 107,241 100 Matured as of September 30, 2018 — — — Total principal, secured loans 56 $ 107,241 100 % (4) Loans scheduled to mature in 2018 from October 1 to December 31. No loans were past maturity at September 30, 2018. As noted above, one loan with a principal balance of $14,000,000 scheduled to mature in 2019, paid off in full in October 2018. It is the partnership’s experience that loans may be repaid or refinanced before, at or after the contractual maturity date. For matured loans, the partnership may continue to accept payments while pursuing collection of amounts owed from borrowers. Therefore, the above tabulation for scheduled maturities is not a forecast of future cash receipts. Delinquency Secured loans summarized by payment delinquency are presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, 2018 December 31, 2017 Loans Principal Loans Principal Past Due 30-89 days 1 $ 3,300 2 $ 3,700 90-179 days — — — — 180 or more days — — 2 7,607 Total past due 1 $ 3,300 4 11,307 Current 55 103,941 68 118,648 Total principal, secured loans 56 $ 107,241 72 $ 129,955 Loans in non-accrual status Secured loans in non-accrual status are summarized in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, December 31, 2018 2017 Number of loans 1 3 Principal $ 225 $ 7,834 Advances 2 429 Accrued interest — 322 Total recorded investment $ 227 $ 8,585 Foregone interest $ — $ 64 In April 2018, one loan designated impaired and non-accrual substantially paid off, including previously forgone and default interest. At September 30, 2018 and December 31, 2017 there were no loans that were contractually 90 or more days past due as to principal or interest and not in non-accrual status. Loans designated impaired Impaired loans had the balances shown and the associated allowance for loan losses presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, December 31, 2018 2017 Principal $ 3,525 $ 7,834 Recorded investment (5) 3,594 8,585 Impaired loans without allowance 3,594 8,585 Impaired loans with allowance — — Allowance for loan losses, impaired loans — — Number of Loans 2 3 (5) Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes. Impaired loans had the average balances and interest income recognized and received in cash as presented in the following table as of, and for, the three months ended September 30, 2018 and the year ended December 31, 2017 ($ in thousands). September 30, December 31, 2018 2017 Average recorded investment $ 6,089 $ 4,410 Interest income recognized 15 607 Interest income received in cash 15 344 Allowance for loan losses At September 30, 2018, and December 31, 2017, the partnership had no allowance for loan losses as all loans had protective equity such that at September 30, 2018, and December 31, 2017, collection was deemed probable for amounts owing. Modifications, workout agreements and troubled debt restructurings At September 30, 2018 and December 31, 2017, the partnership had no modifications, workout agreements, or troubled debt restructurings in effect.

Real Estate Owned (REO)

Real Estate Owned (REO)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Real Estate Owned (REO)	NOTE 5 – REAL ESTATE OWNED (REO) Transactions and activity, including changes in the net book values, are presented in the following table for the three and nine months ended September 30, 2018 ($ in thousands). For the Three Months Ended For the Nine Months Ended Balance, beginning of period $ 5,086 $ 7,014 Dispositions (1,279 ) (3,207 ) Change in net book value (48 ) (48 ) Balance, end of period $ 3,759 $ 3,759 The following transactions closed during the nine months ended September 30, 2018: • Sold 6 of 6 units remaining at the beginning of the period, in a condominium complex in Los Angeles County with a gain of approximately $113,000. • Sold a commercial office property in Contra Cost County at approximately its carrying value after taking into account a previously recorded valuation reserve. The partnership held the following four properties at September 30, 2018: • In San Francisco County, 3 residential units in a condominium complex • In Fresno County, a partially completed home subdivision • In Marin County, approximately 13 acres zoned for residential development • In Stanislaus County, approximately 14 acres zoned commercial Rental operations were substantially wound down, and all rental units had been made vacant for sale at December 31, 2017. As such, there were no rental operations in 2018. The table below details the rental activity for the three and nine months ended September 30, 2017. Three Months Ended Nine Months Ended Rental income $ 14 $ 283 Operating expenses, rentals Administration and payroll 23 79 Homeowner association fees 30 112 Professional services 6 19 Utilities and maintenance 101 411 Advertising and promotions — 1 Property taxes 21 100 Other 12 61 Total operating expenses, rentals 193 783 Net operating income (loss) (179 ) (500 ) Receiver fees — 3 Rental operations, net $ (179 ) $ (503 )

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2018
Fair Value Disclosures [Abstract]
Fair Value	NOTE 6 – FAIR VALUE The partnership does not record loans or REO at fair value on a recurring basis. The following assets and liabilities would be measured at fair value on a non-recurring basis. • Loans designated impaired with a specific reserve. • REO acquired through foreclosure during the year. • REO for which a valuation reserve has been recorded. The valuation reserve on a commercial property located in Contra Costa County was increased by approximately $48,000 during the three months ended September 30, 2018. This REO property was sold in September 2018.No other assets or liabilities were measured at fair value on a non-recurring basis at and for the periods ended September 30, 2018, and December 31, 2017. As substantially all loans are written without a prepayment penalty provision, the recorded amount of the performing loans (i.e., the loan balance) is deemed to approximate the fair value, as is the loan balance of loans designated impaired for which a specific reserve has not been recorded (i.e., the loan is well collateralized, such that the collection of the amount owed is assured, including foregone interest, if any). The following methods and assumptions are used when estimating fair value. Secured loans, performing (i.e. not designated as impaired) (Level 2) - Each loan is reviewed quarterly for its delinquency, LTV adjusted for the most recent valuation of the underlying collateral, remaining term to maturity, borrower’s payment history and other factors. Also considered is the limited resale market for the loans. Most companies or individuals making similar loans as the partnership intend to hold the loans until maturity as the average contractual term of the loans (and the historical experience of the time the loan is outstanding due to pre-payments) is shorter than conventional mortgages. As there are no prepayment penalties to be collected, loan buyers may be hesitant to risk paying above par. Due to these factors, sales of the loans are infrequent, and an active market does not exist. The recorded amount of the performing loans (i.e. the loan balance) is deemed to approximate the fair value, although the intrinsic value of the loans, if held to maturity, would reflect a premium due to the interest to be received being at a rate favorable to conventional mortgage rates. Secured loans, designated impaired (Level 2) - Secured loans designated impaired are deemed collateral dependent, and the fair value of the loan is the lesser of the fair value of the collateral or the enforceable amount owing under the note. The fair value of the collateral is determined by exercise of judgment based on management’s experience informed by appraisals (by licensed appraisers), brokers’ opinion of values and publicly available information on in-market transactions (Level 2 inputs). The following methods and assumptions are used to determine the fair value of the collateral securing a loan. Single family – Management’s preferred method for determining the fair market value of its single-family residential assets is the sale comparison method. Management primarily obtains sale comps via its subscription to the RealQuest service, but also uses free online services such as Zillow.com and other available resources to supplement this data. Sale comps are reviewed for similarity to the subject property, examining features such as proximity to subject, number of bedrooms and bathrooms, square footage, sale date, condition and year built. If applicable sale comps are not available or deemed unreliable, management will seek additional information in the form of brokers’ opinions of value or appraisals. Multi-family residential – Management’s preferred method for determining the aggregate retail value of its multifamily units is the sale comparison method. Sale comps are reviewed for similarity to the subject property, examining features such as proximity to subject, rental income, number of units, composition of units by the number of bedrooms and bathrooms, square footage, condition, amenities and year built. Management’s secondary method for valuing its multifamily assets as income-producing rental operations is the direct capitalization method. In order to determine market cap rates for properties of the same class and location as the subject, management refers to published data from reliable third-party sources such as the CBRE Cap Rate Survey. Management applies the appropriate cap rate to the subject’s most recent available annual net operating income to determine the property’s value as an income-producing project. When adequate sale comps are not available or reliable net operating income information is not available or the project is under development or is under-performing to market, management will seek additional information and analysis to determine the cost to improve and the intrinsic fair value and/or management will seek additional information in the form of brokers’ opinion of value or appraisals. Commercial buildings – Where commercial rental income information is available, management’s preferred method for determining the fair value of its commercial real estate assets is the direct capitalization method. In order to determine market cap rates for properties of the same class and location as the subject, management refers to reputable third-party sources such as the CBRE Cap Rate Survey. Management then applies the appropriate cap rate to the subject’s most recent available annual net operating income to determine the property’s value as an income-producing commercial rental project. When adequate sale comps are not available or reliable net operating income information is not available or the project is under development or is under-performing to market, management will seek additional information and analysis to determine the cost to improve and the intrinsic fair value and/or management will seek additional information in the form of brokers’ opinion of value or appraisals. Management supplements the direct capitalization method with additional information in the form of a sale comparison analysis (where adequate sale comps are available), brokers’ opinion of value, or appraisal. Commercial land – Commercial land has many variations/uses, thus requiring management to employ a variety of methods depending upon the unique characteristics of the subject land. Management may rely on information in the form of a sale comparison analysis (where adequate sale comps are available), brokers’ opinion of value, or appraisal. Unsecured loans (Level 3). Unsecured loans are valued at their principal less any discount or loss reserves established by management after taking into account the borrower’s creditworthiness and ability to repay the loan.

Commitments and Contingencies,

Commitments and Contingencies, Other Than Loan and REO Commitments	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies, Other Than Loan and REO Commitments	NOTE 7 – COMMITMENTS AND CONTINGENCIES, OTHER THAN LOAN AND REO COMMITMENTS Commitments The partnership’s only commitment is to fund scheduled capital account withdrawal requests at September 30, 2018 as presented in the following table ($ in thousands). 2018 $ 6,934 2019 19,670 2020 10,827 2021 7,373 2022 4,310 Thereafter 1,431 Total $ 50,545 Future recovery under an agreement with a borrower Pursuant to the terms of a October 21, 2011 workout agreement dated October 21, 2011, between RMI VIII and a borrower in default on certain loans secured by various California properties, RMI VIII obtained by assignment from the developer of those properties a non-voting economic interest in the developer’s LLC membership interest in a joint venture, in an amount equal to 25% of all distributions of profit and return of invested capital attributable to that LLC membership interest, but excluding management and development fees, payable to the developer from certain other subsequent joint ventures from which the developer receives a share of the proceeds upon sale of the to be developed properties. In August of 2018, control and ownership of a property in a joint venture subject to the agreement transferred to the majority member in the joint venture at a profit. The amount of the profit is being determined by the members and is not distributable until the remaining property/asset is liquidated by the venture. However, as of the date of the financial statements, the determination of the amount of the profit, and the amount to be distributed to the developer, to which RMI VIII would have a claim of 25%, has not been completed and/or agreed upon by the members of the joint venture. The members have the option to retain the amounts – and to not distribute – if they elect to proceed with the development of the remaining property held by the joint venture. In 2016, RMI VIII received approximately $3.5 million from completed projects subject to the workout agreement and assignment of economic interest. It is expected that the proceeds from the current joint venture, if distributed and not held pending development of the remaining project, would be substantially less than the 2016 amount. Due to the uncertainty as to the amount and timing of the distribution, if any, no recognition was recorded in the financial statements as of September 30, 2018 for the future recovery of amounts. Legal proceedings In the normal course of its business, the partnership may become involved in legal proceedings (such as assignment of rents, bankruptcy proceedings, appointment of receivers, unlawful detainers, judicial foreclosure, etc.) to collect the debt owed under the promissory notes, to enforce the provisions of the deeds of trust, to protect its interest in the real property subject to the deeds of trust and to resolve disputes with borrowers, lenders, lien holders and mechanics. None of these actions, in and of themselves, typically would be of any material financial impact to the net income or balance sheet of the partnership. As of the date hereof, the partnership is not involved in any legal proceedings other than those that would be considered part of the normal course of business.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 – SUBSEQUENT EVENTS None, other than one loan with a principal balance of approximately $14,000,000 paying off in full in October 2018, prior to its scheduled maturity date of January 1, 2019, as discussed in Note 4 (Loans) to the financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of presentation The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The partnership’s consolidated financial statements include the accounts of the partnership, its wholly-owned subsidiaries (consisting of single-member limited liability companies owning a single real property asset). All significant intercompany transactions and balances have been eliminated in consolidation.
Management Estimates	Management estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about the reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities, at the dates of the financial statements and the reported amounts of revenues and expenses during the reported periods. Such estimates relate principally to the determination of the allowance for loan losses, including, when applicable, the valuation of impaired loans, (which itself requires determining the fair value of the collateral), and the valuation of real estate held for sale and held as investment, at acquisition and subsequently. Actual results could differ significantly from these estimates.
Fair Value Estimates	Fair value estimates GAAP defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are: • independent; • knowledgeable; • able to transact; and, • willing to transact. Fair values of assets and liabilities are determined based on the fair value hierarchy established in GAAP. The hierarchy is comprised of three levels of inputs to be used. • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the partnership has the ability to access at the measurement date. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 inputs are inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly in active markets and quoted prices for identical assets or liabilities that are not active, and inputs other than quoted prices that are observable or inputs derived from or corroborated by market data. • Level 3 inputs are unobservable inputs for the asset or liability. Unobservable inputs reflect the partnership’s own assumptions about the assumptions market participants would use in pricing the asset or liability (including assumptions about risk). Unobservable inputs are developed based on the best information available in the circumstances and may include the partnership’s own data. The fair value of the collateral is determined by exercise of judgment based on management’s experience informed by appraisals (by licensed appraisers), brokers’ opinion of values, and publicly available information on in-market transactions. Appraisals of commercial real property generally present three approaches to estimating value: • market comparables or sales approach; • cost to replace; and, • capitalized cash flows or investment approach. These approaches may or may not result in a common, single value. The market-comparables approach may yield several different values depending on certain basic assumptions, such as, determining highest and best use (which may or may not be the current use); determining the condition (e.g. as-is, when-completed, or for land when-entitled); and determining the unit of value (e.g. as a series of individual unit sales or as a bulk disposition). Management has the requisite familiarity with the markets it lends in generally and of the properties lent on specifically to analyze sales-comparables and assess their suitability/applicability. Management is acquainted with market participants – investors, developers, brokers, lenders – that are useful, relevant secondary sources of data and information regarding valuation and valuation variability. These secondary sources may have familiarity with and perspectives on pending transactions, successful strategies to optimize value, and the history and details of specific properties – on and off the market – that enhance the process and analysis that is particularly and principally germane to establishing value in distressed markets and/or property types.
Cash and Cash Equivalents	Cash and cash equivalents The partnership considers all highly liquid financial instruments with maturities of three months or less at the time of purchase to be cash equivalents. At September 30, 2018, substantially all of the partnership’s cash balances in banks exceed the federal depository insurance limit of $250,000.
Loans and Interest Income	Loans and interest income Loans generally are stated at the unpaid principal balance (principal). The manager has discretion to pay amounts (advances) to third parties on behalf of borrowers to protect the partnership’s interest in the loan. Advances include, but are not limited to, the payment of interest and principal on a senior lien to prevent foreclosure by the senior lien holder, property taxes, insurance premiums, and attorney fees. Advances generally are stated at the unpaid principal balance and accrue interest until repaid by the borrower. The partnership may fund a specific loan origination net of an interest reserve (one to two years) to insure timely interest payments at the inception of the loan. As monthly interest payments become due, the partnership funds the payments into the affiliated trust account. In the event of an early loan payoff, any unapplied interest reserves would be first applied to any accrued but unpaid interest and then as a reduction of principal. If based upon current information and events, it is probable the partnership will be unable to collect all amounts due according to the contractual terms of the loan agreement, then a loan may be designated as impaired. Impaired loans are included in management’s periodic analysis of recoverability. If a valuation allowance had been established on an impaired loan, any subsequent payments on impaired loans are applied to late fees and then to reduce first the accrued interest, then advances, and then unpaid principal. From time to time, the partnership negotiates and enters into loan modifications with borrowers whose loans are delinquent. If the loan modification results in a significant reduction in the cash flow compared to the original note, the modification is deemed a troubled debt restructuring and a loss is recognized. In the normal course of the partnership’s operations, loans that mature may be renewed at then current market rates and terms for new loans. Such renewals are not designated as impaired, unless the matured loan was previously designated as impaired. Interest is accrued daily based on the unpaid principal balance of the loans. Impaired loans continue to recognize interest income as long as the loan is in the process of collection and is considered to be well-secured. Impaired loans are placed on non-accrual status if 180 days delinquent or at the earlier of management’s determination that the primary source of repayment will come from the foreclosure and subsequent sale of the collateral securing the loan (which usually occurs when a notice of sale is filed) or when the loan is no longer considered well-secured. When a loan is placed on non-accrual status, the accrual of interest is discontinued; however, previously recorded interest is not reversed. A loan may return to accrual status when all delinquent interest and principal payments become current in accordance with the terms of the loan agreement.
Allowance for Loan Losses	Allowance for loan losses Loans and the related accrued interest and advances (i.e. the loan balance) are analyzed on a periodic basis for ultimate recoverability. Delinquencies are identified and followed as part of the loan system. Collateral fair values are reviewed quarterly and the protective equity for each loan is computed. As used herein, “protective equity” is the dollar amount by which the fair value of the collateral, net of any senior liens, exceeds the loan balance, where “loan balance” is the sum of the unpaid principal, advances and the recorded interest thereon. This computation is done for each loan (whether impaired or performing), and while loans secured by collateral of similar property type are grouped, there is enough distinction and variation in the collateral that a loan-by-loan, collateral-by-collateral analysis is appropriate. For loans designated impaired, a provision is made for loan losses to adjust the allowance for loan losses to an amount such that the net carrying amount (unpaid principal less the specific allowance) is reduced to the lower of the loan balance or the estimated fair value of the related collateral, net of any senior loans and net of any costs to sell in arriving at net realizable value. Loans determined not to be individually impaired are grouped by the property type of the underlying collateral, and for each loan and for the total by property type, the amount of protective equity or amount of exposure to loss ( i.e., The partnership charges off uncollectible loans and related receivables directly to the allowance account once it is determined the full amount is not collectible. At foreclosure, any excess of the recorded investment in the loan (accounting basis) over the net realizable value is charged against the allowance for loan losses.
Real Estate Owned (REO)	Real estate owned (REO) Real estate owned (REO) is property acquired in full or partial settlement of loan obligations generally through foreclosure, and is recorded at acquisition at the lower of the amount owed on the loan (legal basis), plus any senior indebtedness, or at the property’s net realizable value, which is the fair value less estimated costs to sell, as applicable. The fair value estimates are derived from information available in the real estate markets including similar property, and often require the experience and judgment of third parties such as commercial real estate appraisers and brokers. The estimates figure materially in calculating the value of the property at acquisition, the level of charge to the allowance for loan losses and any subsequent valuation reserves. After acquisition, costs incurred relating to the development and improvement of property are capitalized to the extent they do not cause the recorded value to exceed the net realizable value, whereas costs relating to holding and disposition of the property are expensed as incurred. After acquisition, REO is analyzed periodically for changes in fair values and any subsequent write down is charged to operations expense. Any recovery in the fair value subsequent to such a write down is recorded, not to exceed the value recorded at acquisition. Recognition of gains on the sale of real estate is dependent upon the transaction meeting certain criteria related to the nature of the property and the terms of the sale including potential seller financing.
Rental Income/Depreciation	Rental income/depreciation Rental income is recognized when earned in accordance with the lease agreement. For commercial leases, the costs associated with originating the lease are amortized over the lease term. Residential lease terms generally range from month-to-month to one-year, and the expenses of originating the lease are expensed as incurred. Real estate owned that is designated held for sale is not depreciated. Real estate that was designated held for investment, and rented was depreciated on a straight-line basis over the estimated useful life of the property.
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements - Accounting and Financial Reporting for Revenue Recognition On May 28, 2014, the Financial Accounting Standards Board (FASB) issued a final Accounting Standard Update (ASU) on revenue from contracts with customers. The standard issued as ASU 2014-09 outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The standard was effective January 1, 2018, and has been adopted using the modified retrospective approach. Adoption of the revenue standard did not have an impact on the partnership’s current revenue recognition policies since the scope of guidance is not applicable to financial instruments including loans and therefore did not have an impact on the recognition of interest income or late fees. The adoption of the revenue standard also did not change the revenue recognition from the sale of REOs as the REO dispositions are cash sales with no contingencies and no future involvement by the partnership in the property. The revenue recognition standard may impact the gain on sale of real estate when the sale is financed by the partnership, however there have been no such sales financed by the partnership during 2018. - Accounting and Financial Reporting for Expected Credit Losses The FASB issued an ASU that significantly changes how entities will account for credit losses for most financial assets that are not measured at fair value through net income. The new standard will supersede currently in effect guidance and applies to all entities. Entities will be required to use a current expected credit loss (CECL) model to estimate credit impairment. This estimate will be forward-looking, meaning management will be required to use forecasts about future economic conditions to determine the expected credit loss over the remaining life of an instrument. This will be a significant change from the current incurred credit loss model and generally may result in allowances being recognized in earlier periods than under the current credit loss model. The manager expects to adopt the ASU for interim and annual reporting in 2020. RMI VIII invests in real estate secured loans made with the expectation of zero credit losses as a result of substantial protective equity provided by the underlying collateral. For a loss to be recognized under the CECL or incurred loss model, if the lending/loan-to-value guidelines are followed effectively, an intervening, subsequent-to-loan-funding, event must negatively impact the value of the underlying collateral of the loan in an amount greater than the amount of protective equity provided by the collateral. Such an event would be either (or both) of: • an uninsured event(s) specifically impacting the collateral; or, • a non-temporary decline in values in the applicable real estate market. In both of these instances the treatment would be the same in the incurred loss and CECL models of approximately the same amount. Other than in these events, the probable of occurrence criteria of the incurred loss model is not triggered and a loss is not recognized. Further, if the zero-expected-loss lending guideline is preserved and the protective equity provided by the collateral is not expected to be impaired over the life of the loans, then a loss is not required to be recognized under the CECL model. This convergence between the CECL and incurred loss models as to loss recognition – as an event driven occurrence – in low LTV, real estate secured programs caused RMC to conclude that the CECL model will not materially impact the reported results of operations or financial position as compared to that which would be reported in the incurred loss model.

General Partners and Other Re_2

General Partners and Other Related Parties (Tables)	9 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Schedule of Formation Loan Activity	The formation loan activity is summarized in the following table for the nine months ended September 30, 2018 ($ in thousands). 2018 Balance, January 1 $ 5,634 Early withdrawal penalties (538 ) Repayments — Balance, September 30 $ 5,096
Formation Loan, Future Minimum Payments Net of Early Withdrawal Penalties	The future minimum payments on the formation loan, net of early withdrawal penalties, as of September 30, 2018 are presented in the following table ($ in thousands). 2018 $ 112 2019 650 2020 650 2021 650 2022 650 Thereafter 2,384 Total $ 5,096
Schedule of Withdrawals of Limited Partner Capital	The table below sets forth withdrawals of limited partner capital ($ in thousands). For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Capital liquidations-without penalty $ 5,109 $ 4,695 $ 14,897 $ 13,722 Capital liquidations-subject to penalty 2,082 1,087 6,424 2,677 Total $ 7,191 $ 5,782 $ 21,321 $ 16,399 Scheduled liquidations, at September 30 $ 50,545 $ 51,711 $ 50,545 $ 51,711

Loans (Tables)

Loans (Tables)	9 Months Ended
	Sep. 30, 2018
Secured Loan Principal Transactions	Secured loan transactions are summarized in the following table for the three and nine months ended September 30, 2018 ($ in thousands). For the Three Months Ended For the Nine Months Ended Principal, beginning of period $ 92,354 $ 129,955 Loans originated 17,725 23,125 Loans sold to affiliates — (5,890 ) Loans sold to non-affiliate — (7,192 ) Principal payments received (2,838 ) (32,757 ) Principal, September 30, 2018 $ 107,241 $ 107,241
Secured Loans Characteristics	Secured loans had the characteristics presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, December 31, 2018 2017 Number of secured loans 56 72 Secured loans – principal $ 107,241 $ 129,955 Secured loans – lowest interest rate (fixed) 5.0 % 5.0 % Secured loans – highest interest rate (fixed) 10.5 % 10.5 % Average secured loan – principal $ 1,915 $ 1,805 Average principal as percent of total principal 1.8 % 1.4 % Average principal as percent of partners’ capital, net of formation loan 1.6 % 1.3 % Average principal as percent of total assets 1.6 % 1.3 % Largest secured loan – principal $ 14,000 $ 14,000 Largest principal as percent of total principal 13.1 % 10.8 % Largest principal as percent of partners’ capital, net of formation loan 11.5 % 10.0 % Largest principal as percent of total assets 11.5 % 10.0 % Smallest secured loan – principal $ 40 $ 44 Smallest principal as percent of total principal 0.1 % 0.1 % Smallest principal as percent of partners’ capital, net of formation loan 0.1 % 0.1 % Smallest principal as percent of total assets 0.1 % 0.1 % Number of California counties where security is located 16 20 Largest percentage of principal in one California county 22.4 % 20.8 % Number of secured loans with a filed notice of default — 2 Secured loans in foreclosure – principal $ — $ 7,607 Number of secured loans with an interest reserve 1 — Interest reserves $ 455 $ —
Secured Loans by Lien Position in the Collateral	At funding, secured loans had the following lien positions and are presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, 2018 December 31, 2017 Loans Principal Percent Loans Principal Percent First trust deeds 36 $ 93,832 87 % 48 $ 104,244 80 % Second trust deeds 20 13,409 13 23 22,711 17 Third trust deeds — — — 1 3,000 3 Total principal, secured loans 56 $ 107,241 100 % 72 $ 129,955 100 % Liens due other lenders at loan closing 34,175 52,444 Total debt $ 141,416 $ 182,399 Appraised property value at loan closing $ 265,036 $ 346,738 Percent of total debt to appraised values (LTV) at loan closing (1) 56.0 % 55.6 % (1) Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount owing on senior liens to other lenders.
Secured Loans by Property Type of the Collateral	Secured loans summarized by property type are presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, 2018 December 31, 2017 Loans Principal Percent Loans Principal Percent Single family (2) 31 $ 32,892 30 % 41 $ 48,117 37 % Multi-family 3 1,713 2 4 4,589 4 Commercial 21 72,186 67 26 76,799 58 Land 1 450 1 1 450 1 Total principal, secured loans 56 $ 107,241 100 % 72 $ 129,955 100 % (2) Single family properties include owner-occupied and non-owner occupied 1-4 unit residential buildings, condominium units, townhouses, and condominium complexes. The single family property type as of September 30, 2018 consists of 15 loans with principal of approximately $8,679,000 that are owner occupied and 16 loans with principal of approximately $24,213,000 that are non-owner occupied. Single family property type at December 31, 2017 consisted of 18 loans with principal of approximately $12,681,000 that are owner occupied and 23 loans with principal of approximately $35,436,000 that are non-owner occupied.
Secured Loans Distributed within California	The distribution of secured loans outstanding by the California county in which the primary collateral is located is presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, 2018 December 31, 2017 Principal Percent Principal Percent San Francisco Bay Area (3) San Francisco $ 24,030 22.4 % 26,206 20.2 % San Mateo 21,146 19.7 15,506 11.9 Contra Costa 14,452 13.5 16,856 13.1 Alameda 4,576 4.3 11,730 9.0 Marin 4,259 4.0 1,597 1.2 Solano 3,560 3.3 2,875 2.2 Santa Clara 790 0.7 6,873 5.3 Napa 561 0.5 569 0.4 73,374 68.4 82,212 63.3 Other Northern California Sacramento 3,300 3.1 3,300 2.4 Amador 741 0.7 754 0.6 Santa Cruz 704 0.7 769 0.6 Monterey 647 0.6 656 0.5 Mariposa 40 — 44 0.1 Lake — — 296 0.2 El Dorado — — 2,044 1.6 5,432 5.1 7,863 6.0 Total Northern California 78,806 73.5 90,075 69.3 Los Angeles & Coastal Los Angeles 18,379 17.1 26,971 20.8 Orange 4,156 3.9 6,653 5.1 San Diego — — 164 0.1 22,535 21.0 33,788 26.0 Other Southern California San Bernardino 5,900 5.5 5,900 4.5 Riverside — — 192 0.2 5,900 5.5 6,092 4.7 Total Southern California 28,435 26.5 39,880 30.7 Total principal, secured loans $ 107,241 100.0 % $ 129,955 100.0 % (3) Includes the Silicon Valley
Secured Loans Scheduled Maturities	Secured loans are scheduled to mature as presented in the following table as of September 30, 2018 ($ in thousands). Scheduled maturities, as of September 30, 2018 Loans Principal Percent 2018 (4) 6 $ 3,294 3 % 2019 30 89,566 84 2020 9 8,154 8 2021 8 4,750 4 2022 1 378 — Thereafter 2 1,099 1 Total future maturities 56 107,241 100 Matured as of September 30, 2018 — — — Total principal, secured loans 56 $ 107,241 100 % (4) Loans scheduled to mature in 2018 from October 1 to December 31.
Secured Loans in Non-Accrual Status	Secured loans in non-accrual status are summarized in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, December 31, 2018 2017 Number of loans 1 3 Principal $ 225 $ 7,834 Advances 2 429 Accrued interest — 322 Total recorded investment $ 227 $ 8,585 Foregone interest $ — $ 64
By Days Past Due [Member]
Past Due Financing Receivables	Secured loans summarized by payment delinquency are presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, 2018 December 31, 2017 Loans Principal Loans Principal Past Due 30-89 days 1 $ 3,300 2 $ 3,700 90-179 days — — — — 180 or more days — — 2 7,607 Total past due 1 $ 3,300 4 11,307 Current 55 103,941 68 118,648 Total principal, secured loans 56 $ 107,241 72 $ 129,955
Impaired Loans [Member]
Impaired Financing Receivables	Impaired loans had the balances shown and the associated allowance for loan losses presented in the following table as of September 30, 2018 and December 31, 2017 ($ in thousands). September 30, December 31, 2018 2017 Principal $ 3,525 $ 7,834 Recorded investment (5) 3,594 8,585 Impaired loans without allowance 3,594 8,585 Impaired loans with allowance — — Allowance for loan losses, impaired loans — — Number of Loans 2 3 (5) Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes.
Average Balances And Interest Income [Member]
Impaired Financing Receivables	Impaired loans had the average balances and interest income recognized and received in cash as presented in the following table as of, and for, the three months ended September 30, 2018 and the year ended December 31, 2017 ($ in thousands). September 30, December 31, 2018 2017 Average recorded investment $ 6,089 $ 4,410 Interest income recognized 15 607 Interest income received in cash 15 344

Real Estate Owned (REO) (Tables

Real Estate Owned (REO) (Tables)	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
REO Held for Sale	Transactions and activity, including changes in the net book values, are presented in the following table for the three and nine months ended September 30, 2018 ($ in thousands). For the Three Months Ended For the Nine Months Ended Balance, beginning of period $ 5,086 $ 7,014 Dispositions (1,279 ) (3,207 ) Change in net book value (48 ) (48 ) Balance, end of period $ 3,759 $ 3,759
Summary of Rental Activity of Real Estate Owned, Held as Investment	The table below details the rental activity for the three and nine months ended September 30, 2017. Three Months Ended Nine Months Ended Rental income $ 14 $ 283 Operating expenses, rentals Administration and payroll 23 79 Homeowner association fees 30 112 Professional services 6 19 Utilities and maintenance 101 411 Advertising and promotions — 1 Property taxes 21 100 Other 12 61 Total operating expenses, rentals 193 783 Net operating income (loss) (179 ) (500 ) Receiver fees — 3 Rental operations, net $ (179 ) $ (503 )

Commitments and Contingencies_2

Commitments and Contingencies, Other Than Loan and REO Commitments (Tables)	9 Months Ended
	Sep. 30, 2018
Commitments And Contingencies Disclosure [Abstract]
Scheduled Capital Account Withdrawal Requests	The partnership’s only commitment is to fund scheduled capital account withdrawal requests at September 30, 2018 as presented in the following table ($ in thousands). 2018 $ 6,934 2019 19,670 2020 10,827 2021 7,373 2022 4,310 Thereafter 1,431 Total $ 50,545

Organization and General - Addi

Organization and General - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Installment	Sep. 30, 2017USD ($)
Organizational and General Details [Line Items]
Ownership interest held by the general partner	1.00%	1.00%	1.00%	1.00%
General partners (1%) | $	$ 9,000	$ 15,000	$ 36,000	$ 36,000
Minimum Amount of Time Before Leaving Partnership Without Penalty			5 years
Early Withdrawal Penalty Percentage			10.00%
Maximum Percentage of Total Limited Partners Capital Available for Liquidation During One Year			20.00%
Loans Receivable, Amortization Term			30 years
Commercial [Member]
Organizational and General Details [Line Items]
Loan-to-value ratio percentage			75.00%
Land Loan [Member]
Organizational and General Details [Line Items]
Loan-to-value ratio percentage			50.00%
Minimum [Member]
Organizational and General Details [Line Items]
Formation Loan Repayment Period			5 years
Maximum [Member] | Multi-family [Member]
Organizational and General Details [Line Items]
Loan-to-value ratio percentage			80.00%
Limited Partner [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership			4
Limited Partner [Member] | Internal Revenue Code [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership			20
Limited Partner [Member] | After Five Year Period [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership			20
Benefit Plan Investors [Member] | After Five Year Period [Member] | Internal Revenue Code [Member]
Organizational and General Details [Line Items]
Number of Quarterly Installments for Withdrawal From Partnership			4
RMC [Member]
Organizational and General Details [Line Items]
Ownership interest held by the general partner			0.10%
General partners (1%) | $	$ 9,000	$ 15,000	$ 36,000	$ 36,000
Percentage of profit and loss allocated			0.66%
General partner equity deficit			100.00%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018USD ($)Approach
Summary of Significant Accounting Policies Details [Line Items]
Estimating real property value, number of approaches | Approach	3
Cash and cash equivalents, maximum initial maturity	3 months
Interest reserve minimum length	1 year
Interest reserve maximum length	2 years
Threshold period past due for impaired loans placed on non-accrual status	180 days
ASU 2014-09 [Member]
Summary of Significant Accounting Policies Details [Line Items]
Adoption of revenue standard, impact on recognition of interest income or late fees	$ 0
Maximum [Member]
Summary of Significant Accounting Policies Details [Line Items]
Federal depository insurance limit	$ 250,000
Residential lease term	1 year

General Partners and Other Re_3

General Partners and Other Related Parties - Additional Information (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)Loan	Sep. 30, 2017USD ($)Loan
General Partners And Other Related Parties Details [Line Items]
Chargeable by RMC	$ 360,000	$ 483,000	$ 1,231,000	$ 1,230,000
Management fee, description			The general partners receive monthly fees for managing the partnership’s loan portfolio and operations of up to 1/32 of 1% of the “net asset value” (3/8 of 1% annually).
Asset management fees	126,000	148,000	$ 396,000	459,000
Asset management fees waived	0	0	0	0
Operating Expenses	384,000	516,000	$ 1,260,000	$ 1,518,000
Loan Brokerage Commissions, Maximum Percent of Assets			4.00%
Number of performing loans | Loan			2	1
Performing loans mortgaged, par value	5,890,000	1,000,000	$ 5,890,000	$ 1,000,000
Formation Loan [Member]
General Partners And Other Related Parties Details [Line Items]
Formation loan, advances			22,567,000
Receivable from affiliate (formation loan)	5,096,000		5,096,000
RMC [Member]
General Partners And Other Related Parties Details [Line Items]
Mortgage Servicing Fees Waived	0	0	0	0
Operating Expenses	$ 384,000	$ 516,000	$ 1,260,000	$ 1,518,000
Maximum [Member]
General Partners And Other Related Parties Details [Line Items]
Annual mortgage servicing fees, percentage	1.50%		1.50%
Percentage of offering proceeds			7.00%
RMC and Burwell [Member]
General Partners And Other Related Parties Details [Line Items]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Profit (Loss) Percentage	1.00%		1.00%

General Partners and Other Re_4

General Partners and Other Related Parties - Formation Loan Activity (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2018USD ($)
Formation Loan - Transactions [Abstract]
Balance, January 1	$ 5,634
Early withdrawal penalties	(538)
Repayments	0
Balance, September 30	$ 5,096

General Partners and Other Re_5

General Partners and Other Related Parties - Formation Loan, Future Minimum Payments Net of Early Withdrawal Penalties (Details) $ in Thousands	Sep. 30, 2018USD ($)
Formation Loan Future Minimum Payments [Abstract]
2,018	$ 112
2,019	650
2,020	650
2,021	650
2,022	650
Thereafter	2,384
Total	$ 5,096

General Partners and Other Re_6

General Partners and Other Related Parties - Schedule of Withdrawals of Limited Partner Capital (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
General Partners And Other Related Parties Details [Line Items]
Scheduled liquidations, at September 30	$ 50,545		$ 50,545
Limited Partner [Member]
General Partners And Other Related Parties Details [Line Items]
Scheduled liquidations, at September 30	50,545	$ 51,711	50,545	$ 51,711
Limited Partner [Member] | Capital Liquidations-without Penalty [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital liquidations	5,109	4,695	14,897	13,722
Limited Partner [Member] | Capital Liquidations-subject to Penalty [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital liquidations	2,082	1,087	6,424	2,677
Limited Partner [Member] | Capital Subject to Liquidation Net [Member]
General Partners And Other Related Parties Details [Line Items]
Total, Capital liquidations	$ 7,191	$ 5,782	$ 21,321	$ 16,399

Loans - Additional Information

Loans - Additional Information (Details)	Jun. 27, 2018USD ($)	Oct. 31, 2018USD ($)Loan	Sep. 30, 2018USD ($)LoanInterestMortgageLoan	Apr. 30, 2018Loan	Sep. 30, 2018USD ($)LoanInterestMortgageLoan	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)LoanInterestMortgageLoan	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)LoanMortgageLoan	Jun. 30, 2018USD ($)
Loans Details [Line Items]
Loans Receivable, Term							5 years
Loans Receivable Number of Loans | Loan			56		56		56		72
Loans Receivable, Percent			100.00%		100.00%		100.00%		100.00%
Loans Receivable, Number of Interest Only Loans | Interest			24		24		24
Loans Receivable, Amortization Term							30 years
Mortgage Loans on Real Estate, Number of Loans Renewed | MortgageLoan					2		8
Loans - principal renewed (in Dollars)					$ 5,857,000		$ 21,661,000
Proceeds from loan sales to non-affliates							7,192,000
Loans Receivable Largest Loan (in Dollars)			$ 14,000,000		14,000,000		14,000,000		$ 14,000,000
Balance relating to loan portfolio held in bank trust account			26,903		26,903		26,903
Loans receivable paid off					2,838,000	$ 1,460,000	$ 32,757,000	$ 14,402,000
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan							56		72
Principal			107,241,000		107,241,000		$ 107,241,000		$ 129,955,000	$ 92,354,000
Number of loan designated impaired and non-accrual substantially paid off | Loan				1
Allowance for loan losses			$ 0		$ 0		$ 0		$ 0
Past Due 90 Days Or More [Member]
Loans Details [Line Items]
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan							0		0
Loans Receivable, Interest Accrual, Period							90 days
Past Maturity [Member]
Loans Details [Line Items]
Mortgage Loans on Real Estate, Number of Loans matured | MortgageLoan			0		0		0
Modifications of Secured Loan [Member]
Loans Details [Line Items]
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan							0		0
Workout Agreements [Member]
Loans Details [Line Items]
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan							0		0
Troubled Debt Restructuring [Member]
Loans Details [Line Items]
Mortgage Loans on Real Estate, Number of Loans | MortgageLoan							0		0
Acquiror [Member] | Asset Sale Agreement [Member]
Loans Details [Line Items]
Percentage of loans sold	7.00%
Loans principal amount	$ 7,192,267
Loans interest owed	43,002
Proceeds from loan sales to non-affliates	7,246,839
Transactions costs on sale of loans to non-affiliate	$ 35,869
Minimum [Member]
Loans Details [Line Items]
Loans Receivable, Remaining Term							5 years
Five Year Term or Less [Member]
Loans Details [Line Items]
Loans Receivable Number of Loans | Loan			45		45		45
Loans Receivable, Percent			80.00%		80.00%		80.00%
Loans Receivable, Percent of Aggregate Principal			97.00%		97.00%		97.00%
Interest Only [Member]
Loans Details [Line Items]
Loans Receivable, Percent			43.00%		43.00%		43.00%
Loans Receivable, Percent of Aggregate Principal			69.00%		69.00%		69.00%
Largest Loan [Member]
Loans Details [Line Items]
Loans Receivable, Percent			13.10%		13.10%		13.10%
Loans Receivable, Percent of Assets			11.50%		11.50%		11.50%
Loans Receivable, Yield of Loan Acquired			7.25%		7.25%		7.25%
Loans Receivable, Maturity Date							Jan. 1, 2019
Largest Loan [Member] | Subsequent Event [Member]
Loans Details [Line Items]
Number of loans full payment made | Loan		1
Loans receivable paid off		$ 14,000,000
Interest Only Secured Loan [Member]
Loans Details [Line Items]
Loans Receivable, Number of Interest Only Loans | Interest			1		1		1
Loans principal amount			$ 5,355,000
Loans interest owed			455,000
Loans Receivable, Maturity Date							Sep. 30, 2019
Construction Loans [Member]
Loans Details [Line Items]
Loans outstanding			0		$ 0		$ 0
Rehabilitation Loans [Member]
Loans Details [Line Items]
Loans outstanding			$ 0		$ 0		$ 0
Second Largest Loan [Member]
Loans Details [Line Items]
Loans Receivable, Percent			10.20%		10.20%		10.20%
Loans Receivable Largest Loan (in Dollars)			$ 10,900,000		$ 10,900,000		$ 10,900,000
Loans Receivable, Percent of Assets			8.90%		8.90%		8.90%
Loans Receivable, Yield of Loan Acquired			7.00%		7.00%		7.00%
Loans Receivable, Maturity Date							Jun. 1, 2019

Loans - Secured Loan Principal

Loans - Secured Loan Principal Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Receivables [Abstract]
Principal, beginning of period	$ 92,354		$ 129,955
Loans originated	17,725	$ 7,750	23,125	$ 50,618
Loans sold to affiliates			(5,890)
Loans sold to non-affiliate			(7,192)
Principal payments received	(2,838)	$ (1,460)	(32,757)	$ (14,402)
Principal, September 30, 2018	$ 107,241		$ 107,241

Loans - Secured Loans Character

Loans - Secured Loans Characteristics (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)LoanMortgageLoanCounty	Dec. 31, 2017USD ($)LoanMortgageLoanCounty	Jun. 30, 2018USD ($)
Secured Loan Transactions [Line Items]
Number of secured loans | Loan	56	72
Secured loans - principal (in Dollars)	$ 107,241,000	$ 129,955,000	$ 92,354,000
Average secured loan - principal (in Dollars)	$ 1,915,000	$ 1,805,000
Average principal as percent of total principal	1.80%	1.40%
Average principal as percent of partners’ capital, net of formation loan	1.60%	1.30%
Average principal as percent of total assets	1.60%	1.30%
Largest secured loan - principal (in Dollars)	$ 14,000,000	$ 14,000,000
Largest principal as percent of total principal	13.10%	10.80%
Largest principal as percent of partners’ capital, net of formation loan	11.50%	10.00%
Largest principal as percent of total assets	11.50%	10.00%
Smallest secured loan - principal (in Dollars)	$ 40,000	$ 44,000
Smallest principal as percent of total principal	0.10%	0.10%
Smallest principal as percent of partners’ capital, net of formation loan	0.10%	0.10%
Smallest principal as percent of total assets	0.10%	0.10%
Number of California counties where security is located | County	16	20
Largest percentage of principal in one California county	22.40%	20.80%
Number of secured loans with a filed notice of default | MortgageLoan	56	72
Secured loans in foreclosure - principal (in Dollars)		$ 7,607,000
Interest reserves	$ 455,000
Minimum [Member]
Secured Loan Transactions [Line Items]
Secured loans - interest rate (fixed)	5.00%	5.00%
Maximum [Member]
Secured Loan Transactions [Line Items]
Secured loans - interest rate (fixed)	10.50%	10.50%
Filed Notice of Default [Member]
Secured Loan Transactions [Line Items]
Number of secured loans with a filed notice of default | MortgageLoan		2
Interest Reserve [Member]
Secured Loan Transactions [Line Items]
Number of secured loans with a filed notice of default | MortgageLoan	1

Loans - Secured Loans by Lien P

Loans - Secured Loans by Lien Position in the Collateral (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2018USD ($)MortgageLoan	Dec. 31, 2017USD ($)MortgageLoan	Jun. 30, 2018USD ($)
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Secured loans, principal		$ 107,241	$ 129,955	$ 92,354
Liens due other lenders at loan closing (in Dollars)		34,175	52,444
Total debt (in Dollars)		141,416	182,399
Appraised property value at loan closing (in Dollars)		$ 265,036	$ 346,738
Percent of total debt to appraised values (LTV) at loan closing	[1]	56.00%	55.60%
Loans - percent		100.00%	100.00%
Number of secured loans | MortgageLoan		56	72
First Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Secured loans, principal		$ 93,832	$ 104,244
Loans - percent		87.00%	80.00%
Number of secured loans | MortgageLoan		36	48
Second Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Secured loans, principal		$ 13,409	$ 22,711
Loans - percent		13.00%	17.00%
Number of secured loans | MortgageLoan		20	23
Third Trust Deeds [Member]
Loans Details - Secured Loans by Lien Position in the Collateral [Line Items]
Secured loans, principal			$ 3,000
Loans - percent			3.00%
Number of secured loans | MortgageLoan			1
[1]	Based on appraised values and liens due other lenders at loan closing. The weighted-average loan-to-value (LTV) computation above does not take into account subsequent increases or decreases in property values following the loan closing, nor does it include decreases or increases of the amount owing on senior liens to other lenders.

Loans - Secured Loans by Proper

Loans - Secured Loans by Property Type (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2018USD ($)MortgageLoan	Dec. 31, 2017USD ($)MortgageLoan	Jun. 30, 2018USD ($)
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		56	72
Secured loans, principal | $		$ 107,241	$ 129,955	$ 92,354
Loans - percent		100.00%	100.00%
Single Family [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan	[1]	31	41
Secured loans, principal | $	[1]	$ 32,892	$ 48,117
Loans - percent	[1]	30.00%	37.00%
Multi-family [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		3	4
Secured loans, principal | $		$ 1,713	$ 4,589
Loans - percent		2.00%	4.00%
Commercial [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		21	26
Secured loans, principal | $		$ 72,186	$ 76,799
Loans - percent		67.00%	58.00%
Land [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Number of secured loans | MortgageLoan		1	1
Secured loans, principal | $		$ 450	$ 450
Loans - percent		1.00%	1.00%
[1]	Single family properties include owner-occupied and non-owner occupied 1-4 unit residential buildings, condominium units, townhouses, and condominium complexes. The single family property type as of September 30, 2018 consists of 15 loans with principal of approximately $8,679,000 that are owner occupied and 16 loans with principal of approximately $24,213,000 that are non-owner occupied. Single family property type at December 31, 2017 consisted of 18 loans with principal of approximately $12,681,000 that are owner occupied and 23 loans with principal of approximately $35,436,000 that are non-owner occupied.

Loans - Secured Loans by Prop_2

Loans - Secured Loans by Property Type (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)MortgageLoan	Dec. 31, 2017USD ($)MortgageLoan	Jun. 30, 2018USD ($)
Loans Details [Line Items]
Number of secured loans | MortgageLoan	56	72
Secured loans, principal | $	$ 107,241,000	$ 129,955,000	$ 92,354,000
Single Family Property-Owner Occupied [Member]
Loans Details [Line Items]
Number of secured loans | MortgageLoan	15	18
Secured loans, principal | $	$ 8,679,000	$ 12,681,000
Single Family Property-NonOwner Occupied [Member]
Loans Details [Line Items]
Number of secured loans | MortgageLoan	16	23
Secured loans, principal | $	$ 24,213,000	$ 35,436,000

Loans - Secured Loans Distribut

Loans - Secured Loans Distributed within California (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 107,241	$ 92,354	$ 129,955
Loans - percent		100.00%		100.00%
San Francisco [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 24,030		$ 26,206
Loans - percent		22.40%		20.20%
San Mateo [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 21,146		$ 15,506
Loans - percent		19.70%		11.90%
Contra Costa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 14,452		$ 16,856
Loans - percent		13.50%		13.10%
Alameda [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 4,576		$ 11,730
Loans - percent		4.30%		9.00%
Santa Clara [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 790		$ 6,873
Loans - percent		0.70%		5.30%
Solano [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 3,560		$ 2,875
Loans - percent		3.30%		2.20%
Marin [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 4,259		$ 1,597
Loans - percent		4.00%		1.20%
Napa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 561		$ 569
Loans - percent		0.50%		0.40%
San Francisco Bay Area [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal	[1]	$ 73,374		$ 82,212
Loans - percent	[1]	68.40%		63.30%
Sacramento [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 3,300		$ 3,300
Loans - percent		3.10%		2.40%
El Dorado [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal				$ 2,044
Loans - percent				1.60%
Amador [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 741		$ 754
Loans - percent		0.70%		0.60%
Santa Cruz [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 704		$ 769
Loans - percent		0.70%		0.60%
Monterey [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 647		$ 656
Loans - percent		0.60%		0.50%
Lake [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal				$ 296
Loans - percent				0.20%
Mariposa [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 40		$ 44
Loans - percent				0.10%
Other Northern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 5,432		$ 7,863
Loans - percent		5.10%		6.00%
Northern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 78,806		$ 90,075
Loans - percent		73.50%		69.30%
Los Angeles [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 18,379		$ 26,971
Loans - percent		17.10%		20.80%
Orange [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 4,156		$ 6,653
Loans - percent		3.90%		5.10%
San Diego [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal				$ 164
Loans - percent				0.10%
Los Angeles And Coastal [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 22,535		$ 33,788
Loans - percent		21.00%		26.00%
San Bernardino [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 5,900		$ 5,900
Loans - percent		5.50%		4.50%
Riverside [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal				$ 192
Loans - percent				0.20%
Other Southern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 5,900		$ 6,092
Loans - percent		5.50%		4.70%
Southern California [Member]
Loans (Details) - Secured Loans by Property Type [Line Items]
Secured loans, principal		$ 28,435		$ 39,880
Loans - percent		26.50%		30.70%
[1]	Includes the Silicon Valley

Loans - Secured Loans Scheduled

Loans - Secured Loans Scheduled Maturities (Details) $ in Thousands		Sep. 30, 2018USD ($)Loan	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)Loan
Receivables [Abstract]
2018, Loan | Loan	[1]	6
2019, Loan | Loan		30
2020, Loan | Loan		9
2021, Loan | Loan		8
2022, Loan | Loan		1
Thereafter, Loan | Loan		2
Total future maturities, Loan | Loan		56
Total principal, secured loans, Loan | Loan		56		72
2018, Principal | $	[1]	$ 3,294
2019, Principal | $		89,566
2020, Principal | $		8,154
2021, Principal | $		4,750
2022, Principal | $		378
Thereafter, Principal | $		1,099
Total future maturities, Principal | $		107,241
Total principal, secured loans, Principle | $		$ 107,241	$ 92,354	$ 129,955
2018, Percent	[1]	3.00%
2019, Percent		84.00%
2020, Percent		8.00%
2021, Percent		4.00%
Thereafter, Percent		1.00%
Total future maturities, Percent		100.00%
Total principal, secured loans, Percent		100.00%
[1]	Loans scheduled to mature in 2018 from October 1 to December 31.

Loans - Secured Loans Summarize

Loans - Secured Loans Summarized by Payment Delinquency (Details) $ in Thousands	Sep. 30, 2018USD ($)MortgageLoan	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)MortgageLoan
Past Due
Delinquent loans, number | MortgageLoan	56		72
Loans, Principal | $	$ 107,241	$ 92,354	$ 129,955
Past Due 30-89 Days [Member]
Past Due
Delinquent loans, number | MortgageLoan	1		2
Loans, Principal | $	$ 3,300		$ 3,700
Past Due 180 Days or More [Member]
Past Due
Delinquent loans, number | MortgageLoan			2
Loans, Principal | $			$ 7,607
Past Due [Member]
Past Due
Delinquent loans, number | MortgageLoan	1		4
Loans, Principal | $	$ 3,300		$ 11,307
Current [Member]
Past Due
Delinquent loans, number | MortgageLoan	55		68
Loans, Principal | $	$ 103,941		$ 118,648

Loans - Secured Loans in Non-Ac

Loans - Secured Loans in Non-Accrual Status (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)MortgageLoan	Dec. 31, 2017USD ($)MortgageLoan	Jun. 30, 2018USD ($)
Loans Details Secured Loans In Non-accrual Status [Line Items]
Number of secured loans | MortgageLoan	56	72
Secured loans, principal	$ 107,241	$ 129,955	$ 92,354
Accrued interest	$ 771	$ 1,209
Non-accrual Status [Member]
Loans Details Secured Loans In Non-accrual Status [Line Items]
Number of secured loans | MortgageLoan	1	3
Secured loans, principal	$ 227	$ 8,585
Accrued interest		322
Foregone interest		64
Principal [Member] | Non-accrual Status [Member]
Loans Details Secured Loans In Non-accrual Status [Line Items]
Secured loans, principal	225	7,834
Advances [Member] | Non-accrual Status [Member]
Loans Details Secured Loans In Non-accrual Status [Line Items]
Secured loans, principal	$ 2	$ 429

Loans - Secured Loans Designate

Loans - Secured Loans Designated as Impaired Loans (Details) $ in Thousands		9 Months Ended	12 Months Ended
		Sep. 30, 2018USD ($)Loan	Dec. 31, 2017USD ($)Loan
Secured Loans Designated as Impaired Loans [Abstract]
Principal		$ 3,525	$ 7,834
Recorded investment	[1]	3,594	8,585
Impaired loans without allowance		$ 3,594	$ 8,585
Number of Loans | Loan		2	3
[1]	Recorded investment is the sum of principal, advances, and interest accrued for financial reporting purposes.

Loans - Impaired Loans - Averag

Loans - Impaired Loans - Average Balances and Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Impaired Loans - Average Balances and Interest Income [Abstract]
Average recorded investment	$ 6,089	$ 4,410
Interest income recognized	15	607
Interest income received in cash	$ 15	$ 344

Real Estate Owned (REO) - REO,

Real Estate Owned (REO) - REO, Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Reo Held For Sale [Abstract]
Balance, beginning of period	$ 5,086	$ 7,014
Dispositions	(1,279)	(3,207)
Change in net book value	(48)	(48)
Balance, end of period	$ 3,759	$ 3,759

Real Estate Owned (REO) - Addit

Real Estate Owned (REO) - Additional Information (Details)	9 Months Ended
	Sep. 30, 2018USD ($)aProperty
Partnership Property Held For Sale [Member]
Real Estate Owned REO Details [Line Items]
Number of Real Estate Properties	4
Los Angeles [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	6
Gains (Losses) on Sales of Other Real Estate (in Dollars) | $	$ 113,000
Los Angeles [Member] | Sold [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	6
San Francisco County [Member] | Partnership Property Held For Sale [Member] | Condominium Complex [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	3
Fresno County California [Member] | Partnership Property Held For Sale [Member] | Home Subdivision [Member]
Real Estate Owned REO Details [Line Items]
Number of Units in Real Estate Property	1
Marin County [Member] | Partnership Property Held For Sale [Member] | Residential Single Family [Member]
Real Estate Owned REO Details [Line Items]
Area of Real Estate Property (in Acres) | a	13
Stanislaus County [Member] | Partnership Property Held For Sale [Member] | Commercial Property [Member]
Real Estate Owned REO Details [Line Items]
Area of Real Estate Property (in Acres) | a	14

Real Estate Owned (REO) - Summa

Real Estate Owned (REO) - Summary of Rental Activity of Real Estate Owned, Held as Investment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Professional services	$ 180	$ 198	$ 696	$ 838
Total operations expense	$ 1,048	1,339	$ 3,537	4,060
REO Held for Sale [Member]
Rental income		14		283
Administration and payroll		23		79
Homeowner association fees		30		112
Professional services		6		19
Utilities and maintenance		101		411
Advertising and promotions				1
Property taxes		21		100
Other		12		61
Total operations expense		193		783
Net operating income (loss)		(179)		(500)
Receiver fees				3
Rental operations, net		$ (179)		$ (503)

Fair Value - Additional Informa

Fair Value - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Commercial Property [Member] | Contra Costa [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Increase in valuation reserve	$ 48,000
Fair Value, Measurements, Nonrecurring [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets measured at fair value on non-recurring basis	0	$ 0
Liabilities measured at fair value on non-recurring basis	$ 0	$ 0

Commitment and Contingencies, O

Commitment and Contingencies, Other Than Loan and REO Commitments - Scheduled Capital Account Withdrawal Requests (Details) $ in Thousands	Sep. 30, 2018USD ($)
Partners Capital Account Withdrawals [Abstract]
2,018	$ 6,934
2,019	19,670
2,020	10,827
2,021	7,373
2,022	4,310
Thereafter	1,431
Total	$ 50,545

Commitment and Contingencies,_2

Commitment and Contingencies, Other Than Loan and REO Commitments - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2018	Dec. 31, 2016	Oct. 21, 2011
Partners Capital Account Withdrawals [Abstract]
Percentage of membership interest equal to distributions of profit and return of invested capital			25.00%
Percentage of claim of profit and amount to be distributed to developer	25.00%
Proceeds from completed projects		$ 3.5

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2018USD ($)Loan	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Subsequent Event [Line Items]
Loans receivable paid off		$ 2,838,000	$ 1,460,000	$ 32,757,000	$ 14,402,000
Largest Loan [Member]
Subsequent Event [Line Items]
Loans Receivable, Maturity Date				Jan. 1, 2019
Subsequent Event [Member] | Largest Loan [Member]
Subsequent Event [Line Items]
Number of loans full payment made | Loan	1
Loans receivable paid off	$ 14,000,000