We have slightly modified the Stonecrest Income & Opportunity Fund-1 strategy in order to maximize our returns on pools of Land Contracts, Modified Loans and Non-performing Notes. We had previously been marketing them under their main ‘type’ – but now we are breaking them into sub-categories. We create pools based on geographic area, size of loan, type of borrower, payment history, etc. This approach has helped us sell numerous assets during the fourth quarter of 2014.
We were hoping to close out the fund in its entirety in 2014, but we had too many assets that were trapped in bankruptcy, foreclosure, eviction or rehabilitation. The amount of discount we would have incurred to be able to sell them did not make sense. With this fourth quarter distribution, we will have distributed a total of seventy percent of the investors’ capital accounts. We will continue to close out the remaining thirty percent in 2015 and, if warranted, give distributions on an accelerated schedule.
|Performance Since Inception|
|Land Contracts Summary|
|Face Value of Notes||$7,861,431|
|Non-performing Notes Summary|
|Modified Notes Summary|