We had a robust quarter in our Notes Department, selling 33 notes for a gross profit margin of approximately $700k. Our Retail Department also had a very busy quarter, reflected in their strong sales. They closed 130 transactions and many more properties are in escrow.
This past May, Stonecrest attended the Mortgage Banking Secondary Conference in New York City. We used this opportunity to do some networking and to solidify some key relationships with sellers of non-performing notes and distressed real estate. We also attended many of the conference sessions and found them very informative. We agreed with the conference consensus that the overall real estate outlook is for market improvement in most areas, though market prices will be uneven.
As you are aware, the Fund will close by the end of 2014. This quarter’s distribution is the first of 3 distributions of capital. Larger distributions will follow in the next 2 quarters.
Good news: Stonecrest Income & Opportunity Fund-1, LLC, has been approved for direct deposit. Investors wishing to have their money directly deposited into their accounts can contact either Lisa Fuller or Christina Vuong at 408-557-0700 for further information.
This past May, Stonecrest attended the Mortgage Banking Secondary Conference in New York City. We used this opportunity to do some networking and to solidify some key relationships with sellers of non-performing notes and distressed real estate. We also attended many of the conference sessions and found them very informative. We agreed with the conference consensus that the overall real estate outlook is for market improvement in most areas, though market prices will be uneven.
As you are aware, the Fund will close by the end of 2014. This quarter’s distribution is the first of 3 distributions of capital. Larger distributions will follow in the next 2 quarters.
Good news: Stonecrest Income & Opportunity Fund-1, LLC, has been approved for direct deposit. Investors wishing to have their money directly deposited into their accounts can contact either Lisa Fuller or Christina Vuong at 408-557-0700 for further information.
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Featured Asset:
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| Our featured property this quarter is a 850 sqft 2-bedroom, 1-bathroom,single family home built in 1956. It sits on a 5,662 sqft lot at 1316 Condon Street in Charlotte, North Carolina.
Investment Stats (rounded)
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Fund Performance:
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