The Stonecrest Income & Opportunity Fund-1 marketed part of our land contract inventory and received three bids from qualified bidders. At the very end of December, we closed the first tranche (eighty-five) of a trade with a firm from Texas. We expect to close a second tranche with them shortly. We will be marketing, cleaning up title when necessary, and selling the remaining portfolio of land contracts throughout the year.
We continue to rehabilitate and sell our REO properties as well as market our modified loans, once they become seasoned.
2014 is the final year for Stonecrest Income & Opportunity Fund-1 and, depending on the timing of asset sales, we expect to return investor capital throughout the year.
There are still many opportunities to purchase undervalued assets in this market and we expect that trend to continue for some time. The banks are selling assets slowly in order to manage their profits and losses. As a result, they have plenty of distressed assets still on their books.
We should be opening a new fund sometime in 2014 and will keep you posted.
4th Quarter 2013 Total Fund Rate of Return: 11.03%
Total Fund Annualized Return Since Inception: 28.26%
|Performance Since Inception|
|Land Contracts Summary|
|Face Value of Notes||$17,265,832|
|Non-performing Notes Summary|
|Cost of Notes||$5,634,797|
|Modified Notes Summary|