Stonecrest
StonecrestPerformance Report:
As of 9/30/14 :
- Second quarter average return: 7.75%
- Year-to-date annualized return: 7.75%
- Number of loans: 80
- Gross loan portfolio dollars: $22,116,746(84.47% in 1st and 15.53% in 2nd position)
- Average loan-to-value: 47.57%*
- Average loan amount: $276,459
*calculated when loans are initially funded
Featured Asset:
Our featured property this quarter is located at 7778 Lilac Way in Cupertino, California. This 1,582 sqft one-story, single family home has 4 bedrooms and 2 bathrooms. The property was built in 1960 and sits on a 7,171 sqft lot. It has a fireplace, a 2-car garage, and it’s in a great neighborhood.
Our borrower has been a builder for about 30 years and has a great financial profile and credit. He found this promising fix-and-flip property in Cupertino in a great neighborhood. He needed to move quickly in order to be competitive in this all-cash market place and so didn’t have time to wait for bank financing. He was purchasing the subject property for $1,380,000 and needed a 1st of $700k from us. He plans on renovating the property and selling it within 12 months. This put us at just over 50% loan-to-value in an area and market we know well. Because of the sizable cash down payment and the borrower’s excellent financial profile, this is a solid deal for the portfolio! Once renovations are done, that loan-to-value will improve.
Property Types:
Past 12 months Annualized Returns:/h5>
| Month | Income Partner | Growth Partner |
|---|---|---|
| October, 2013 | 7.75% | 8.03% |
| November, 2013 | 7.75% | 8.03% |
| December, 2013 | 7.75% | 8.03% |
| January, 2014 | 7.75% | 8.03% |
| February, 2014 | 7.75% | 8.03% |
| March, 2014 | 7.75% | 8.03% |
| April, 2014 | 7.75% | 8.03% |
| May, 2014 | 7.75% | 8.03% |
| June, 2014 | 7.75% | 8.03% |
| July, 2014 | 7.75% | 8.03% |
| August, 2014 | 7.75% | 8.03% |
| September, 2014 | 7.75% | 8.03% |