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Performance Report:
As of 09/30/14:
• Second quarter average return: 7.2%
• Year-to-date annualized return: 7.2%
• Number of loans: 82
• Gross loan portfolio dollars: $35,374,965 (67.53% in 1st and 32.47% in 2nd position)
• Average loan-to-value: 45.43%*
• Average loan amount: $431,402
*calculated when loans are initially funded
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Featured Asset:
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Our featured property this quarter is located at 3421 Waverley Street in Palo Alto, California. This 1,235 sqft one-story, single family home has 3 bedrooms and 1 bathroom. The property was built in 1948 and sits on a 7,200 sqft lot. It has great potential as a remodel or for new construction.
Our borrower is a professional fix-and-flip company with a great track record in the area. They work in very affluent neighborhoods, paying all cash to get properties at a discount and then completely renovating them to sell for substantial profits.
The borrowers wanted additional working capital and found our line of credit product suited them well. They had recently purchased this Palo Alto property, located in a great part of that city, for just over $2.2 million. Stonecrest provided them with a $1 million line of credit in 1st position. The guarantors have a great financial profile and excellent credit. Given their profile, track record, and a 45% loan-to-value, this is a fantastic loan for the portfolio! Once renovations are done to the house, our loan-to-value will be even lower.
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Property Types:
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Past 12 months Annualized Returns:
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