As of 12/31/13:
- Fourth quarter average return: 7.75%
- Year-to-date annualized return: 7.75%
- Number of loans: 59
- Gross loan portfolio dollars: $15,176,351 (96.9% in 1st and 3.1% in 2nd position)
- Average loan-to-value: 48.25%*
- Average loan amount: $257,226
*calculated when loans are initially funded
Featured Asset:Our featured property this quarter is located in an apartment/condo/townhouse complex at 1511 Jefferson Street, in Oakland, California.
Built in 2007, the entire complex is a 75,584sqft property sitting on a .57 acre lot. It has 5 levels and consists of 78 units and a parking garage. Our loan is for a 1327sqft, 2-bedroom, 2-bathroom condo within the complex. Our borrower wanted to add the subject condo to her portfolio as a rental investment property. The purchase price was $330k and she was seeking a new loan of $245k. This would put us close to 75% loan-to-value, which was a bit too high. We asked to cross collateralize with another investment rental property in her portfolio located at 1281 Lakeview Circle in Pittsburg, California, that was valued at $120k. The Pittsburg property was free and clear of any liens. The cross collateralization brought our loan-to-value in line at 55% and made the Oakland property a good deal for the fund.
Past 12 months Annualized Returns:
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