Stonecrest
StonecrestStonecrest was able to negotiate and close on a large pool of non-performing notes during the third quarter. We purchased these assets from a hedge fund that was closing out their fund and needed cash to distribute to their partners. Additionally we were able to win the bid for a pool of fifty loans from the old GMAC, now renamed Nationwide Credit.
Capital Income & Growth Fund has also been very active in the auction side of the business, purchasing bank-owned properties at substantial discounts. We are also able to negotiate and purchase “title impaired assets” from a particular auction company. These assets are discounted more heavily by the bank because of various title issues that still need to be resolved. With the help of our diligent title company, we are able to ascertain the severity and cost of fixing titling issues and then bid accordingly.
Both of these asset groups should generate solid profits in the future.
Performance Statistics
3rd Quarter 2013 Total Fund Rate of Return: 11.04%
Total Fund Annualized Return Since Inception: 23.34%
Featured Asset:
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Our featured property this month is a 3-bedroom, 1-bathroom, single family home located at 118 Elaine Drive, Auburndale, Florida. The property has 1,108sqft and sits on a 9,087sqft lot. It was built in 1965. Investment Stats (rounded):
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Fund Performance:
| Performance Since Inception | ||
|---|---|---|
| Annualized Return | 23.34% | |
| Wholesale/Retail Summary | ||
| Properties Sold | 53 | |
| Cost: | $1,954,101 | |
| Sales: | $2,402,648 | |
| Gross Profit | 18.67% | |
| Land Contracts Summary | ||
| Performing contracts | 11 | |
| Face Value of Notes | $291,838 | |
| Non-performing Notes Summary | ||
| Notes Sold | 144 | |
| Cost of Notes | $1,991,438 | |
| Sales Price | $2,811,637 | |
| Modified Notes Summary | ||
| Loan Modifications | 17 | |
| Mortgage Balance | $801,216 | |