The Stonecrest Income & Opportunity Fund-1, which was opened in March of 2009 in order to take advantage of the severe downturn in the real estate market, has finally closed. Even though the types of real estate, mortgages and the sellers we faced changed over the life of the fund, the one constant was the
When we started the Stonecrest Income & Opportunity Fund in 2009, we believed that the window to purchase distressed real estate assets would last approximately five or six years. However, we now believe that the opportunity to purchase these types of assets will exist for many years to come and, with that in mind, we
The national real estate market continues to improve and the demand for housing is increasing. Investors looking for consistently higher paying investments than what they can find with comparable fixed income investments are turning to performing modified loans. This increased activity is supporting our objective of selling off Stonecrest Income & Opportunity Fund-1’s remaining assets
As we mentioned last quarter, we made the strategic decision to resolve the rest of our assets and sell for maximum (or higher) profits rather than liquidating them at a discount. During the first quarter of 2015, we were able to sell or dispose of a number of low valued assets. We’ve also finished the
We have slightly modified the Stonecrest Income & Opportunity Fund-1 strategy in order to maximize our returns on pools of Land Contracts, Modified Loans and Non-performing Notes. We had previously been marketing them under their main ‘type’ – but now we are breaking them into sub-categories. We create pools based on geographic area, size of
The Stonecrest Income & Opportunity Fund-1 continued to liquidate assets throughout the third quarter. We sold eight separate pools of assets. We are selling performing notes, non-performing notes, loans in bankruptcy, high and low value REO’s, etc. delivering activity in all segments of the fund. Buyers usually focus on one or two type of asset classes so we are continually
We had a robust quarter in our Notes Department, selling 33 notes for a gross profit margin of approximately $700k. Our Retail Department also had a very busy quarter, reflected in their strong sales. They closed 130 transactions and many more properties are in escrow. This past May, Stonecrest attended the Mortgage Banking Secondary Conference
Stonecrest Income & Opportunity Fund-1 is continuing to market various segments of our loan portfolio, as evidenced by a recent transaction where we sold both land contract and modified loan pools to the same buyer. One of our sales strategies for SIOF is to group the fund’s assets so that they share similar profiles, such
The Stonecrest Income & Opportunity Fund-1 marketed part of our land contract inventory and received three bids from qualified bidders. At the very end of December, we closed the first tranche (eighty-five) of a trade with a firm from Texas. We expect to close a second tranche with them shortly. We will be marketing, cleaning
The Stonecrest Income & Opportunity Fund-1 had another solid quarter with profits derived mainly from our retail real estate and non-performing notes sales. We continue to create our own real estate inventory by either foreclosing or convincing borrowers to deed their properties over to us in lieu of foreclosure. One of the most challenging parts
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