Stonecrest
StonecrestDue to the late onset of winter in the East, Stonecrest’s Capital Income & Growth fund was able to sell fifty-two properties through our retail division and thirty modified notes through our note division.
In late February, we will be attending the Mortgage Banking Servicing Conference in order to meet with prospective sellers of REO’s and non-performing mortgages. The Conference is also a great way for us to get a sense of the market based on pricing, inventory and the other attendees’ thoughts on the real estate market.
Freddie Mac decided to cancel their auctions over the holidays but have already conducted their first auction for January. We are also seeing Wells Fargo, Selene and a number of other smaller sellers start to sell inventory through the auction channels and anticipate this trend to continue for the foreseeable future.
Performance Statistics
Total Fund Annualized Return Since Inception: 21.16%
Featured Asset:
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Our featured property this quarter is located at 3601 Stonehaven Drive, Charlotte, North Carolina. It is a 3-bedroom, 1.5-bathroom, 1,189sqft single family ranch home. The property sits on a .29 acre lot. Investment Stats (rounded):
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Fund Performance:
| Performance Since Inception | ||
|---|---|---|
| Annualized Return | 21.16% | |
| Wholesale/Retail Summary | ||
| Properties Sold | 568 | |
| Sales | $40,699,978 | |
| Cost | $36,518,788 | |
| Gross Profit | $4,181,191 | |
| Land Contracts Summary | ||
| Performing contracts | 40 | |
| Face Value of Notes | $928,777 | |
| Non-performing Notes Summary | ||
| Notes Sold | 377 | |
| Sales Price | $11,958,420 | |
| Cost | $10,202,363 | |
| Modified Notes Summary | ||
| Loan Modifications | 97 | |
| Mortgage Balance | $7,138,516 | |