As of 3/31/15:
- First quarter average return: 7.75%
- Year-to-date annualized return: 7.75%
- Number of loans: 92
- Gross loan portfolio dollars: $30,432,165(77.69% in 1st and 22.31% in 2nd position)
- Average loan-to-value: 44.42%*
- Average loan amount: $330,784
*calculated when loans are initially funded
Featured Asset:Our featured property this quarter is located at 175 Lewis Road, Suite 21, San Jose, California. This 2,605 sqft industrial condo has 2 restrooms on site. The property was built in 1987 and sits on a 8,437 sqft lot. It is very well maintained and ideal for a machine shop, manufacturing business, warehouse, or office use.
Our borrowers were in contract to purchase this commercial condo for $540k and was in the process of getting a conventional loan to close the transaction. However, the bank required one additional year of taxes to be filed before qualifying them for the loan they were requesting. The borrowers needed our loan in order to complete the transaction and allow enough time to finish their 2014 tax returns. We provided them with a $340k 1st position loan for 6 months, putting us at 63% loan-to-value. The borrowers’ great credit and financial profile makes this another solid loan in the portfolio.
Past 12 months Annualized Returns:
|Month||Income Partner||Growth Partner|