Stonecrest
StonecrestStonecrest Income & Opportunity Fund-1 is continuing to market various segments of our loan portfolio, as evidenced by a recent transaction where we sold both land contract and modified loan pools to the same buyer.
One of our sales strategies for SIOF is to group the fund’s assets so that they share similar profiles, such as geographic location and borrower payment histories. We then offer these smaller pools of assets to multiple buyers. This gives us the best chance of finding interested buyers willing to pay higher market prices. Our strategies for getting the highest return on our REO properties vary. Sometimes our best option is to rehabilitate the asset before attempting to market it, but at other times, our best bet is to simply sell the asset in its current ‘as is’ condition.
We believe there are still a significant number of distressed property opportunities in the marketplace and will be for quite some time. Because of this, Stonecrest has decided to set up a new distressed asset fund titled Strategic Realty Fund, LLC, which will be open by June 1st, 2014.
One of our sales strategies for SIOF is to group the fund’s assets so that they share similar profiles, such as geographic location and borrower payment histories. We then offer these smaller pools of assets to multiple buyers. This gives us the best chance of finding interested buyers willing to pay higher market prices. Our strategies for getting the highest return on our REO properties vary. Sometimes our best option is to rehabilitate the asset before attempting to market it, but at other times, our best bet is to simply sell the asset in its current ‘as is’ condition.
We believe there are still a significant number of distressed property opportunities in the marketplace and will be for quite some time. Because of this, Stonecrest has decided to set up a new distressed asset fund titled Strategic Realty Fund, LLC, which will be open by June 1st, 2014.
Performance Statistics:
- 1st Quarter 2014 Total Fund Rate of Return: 8.65%
- Total Fund Annualized Return Since Inception: 29.29%
Featured Asset:
Our featured property this quarter is a 1925, 2-bedroom, 1-bathroom, single family home. The house is 872sqft and sits on a 4,791sqft lot located at 15537 Winston, Redford, Michigan. Investment Stats (rounded)
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Fund Performance:
| Performance Since Inception | ||
|---|---|---|
| Annualized Return | 25.74% | |
| Wholesale/Retail Summary | ||
| Properties Sold | 6,092 | |
| Sales: | $92,868,152 | |
| Cost: | $77,058,145 | |
| Gross Profit | 17.02% | |
| Land Contracts Summary | ||
| Performing contracts | 94 | |
| Face Value of Notes | $2,277,765 | |
| Non-performing Notes Summary | ||
| Notes Sold: | 674 | |
| Sales Price: | $15,087,256 | |
| Cost of notes: | $11,933,668 | |
| Modified Notes Summary | ||
| Loan Modifications | 108 | |
| Mortgage Balance | $7,660,276 | |