Stonecrest’s real estate team was able to liquidate seventeen properties in the third quarter. Additionally, we have nine properties currently in escrow. Some of these higher margin assets have finally had their title issues resolved, or been freed from litigation, so we are excited to finally see them in escrow. We are hoping to close all of these properties by yearend.
With regards to our non-performing assets: Some states are starting to loosen their restrictions on the foreclosure process and we have been able to bring a few loans to sale. However, there is no regional or national policy governing the foreclosure process. Foreclosure restrictions vary by state and, sometimes, even by county. Even though we are heartened by some states’ loosening guidelines, there are others, especially back East, that continue to hold up the process. Additionally, most states have a policy that allows them to delay a property’s actual sale date until after the holidays so that borrowers won’t be foreclosed on during Christmas. We will continue to monitor all foreclosures in the pipeline and move forward where we can.
Due to the pandemic’s ongoing impact on the economy, we continue to work creatively with our borrowers using multiple strategies. These include mortgage modification, short selling the property, and directing borrowers to non-profit organizations that can assist them with paying their mortgages.
Featured Asset:
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The featured property for REGF Q3 is 132 Surrey Dr, New Rochelle NY. The property is a Single Family home located on a 0.28 acres lot. The home has 4 bedrooms and 3bathrooms with a total of 1,700 sqft livable space.
Investment Stats (rounded):
- REO Purchase Price: $475,000
- Expenses: $48,275
- Sold Retail:$605,000
- Gross Profit: $81,725
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Fund Performance:
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