The results for the second quarter were strong with our retail sales department leading the way. We closed escrow on over $2.7 million in real estate transactions for a gross profit of close to 500k. The asset managers and foreclosure department are continuing to turn our non-performing loans into homes that we can list and sell. Additionally, we had a solid month by selling loans to other investors that are more regionally specific and will reap a higher price in those specific regions.
Stonecrest attended the Mortgage Banking Secondary Conference in New York City for three days this past May. This expo focused on sharing industry best practices and providing networking opportunities for decision makers and industry leaders in the residential and capital markets. We found the meetings very informative and, more importantly, we believe we cemented a number of new relationships with sellers of assets we focus on, such as non-performing notes and distressed real estate. We agreed with the conference consensus that the overall real estate outlook is for market improvement in most areas, though market prices will be uneven.
Good news: Capital Income & Growth Fund has been approved for direct deposit. Investors wishing to have their money directly deposited into their accounts can contact either Lisa Fuller or Christina Vuong at 408-557-0700 for further information.
|Performance Since Inception|
|Land Contracts Summary|
|Face Value of Notes||$603,517|
|Non-performing Notes Summary|
|Modified Notes Summary|