2021 Coastline Capital Fund Year in Review
What an amazing year! In January, we were still experiencing the pandemic in close to full force. Some states had re-opened. Others had greater lockdowns including moratoria for foreclosures & evictions. Many local government offices had limited hours resulting in recording delays and permit building delays.
Things are much better now and almost everywhere is open to some degree. Some states have backlogs and the goings are slow. With the Omicron variant, it’s hard to tell if things will continue to get back to normal in those states or whether there’ll be more delays.
In aggregate, this how our non performing note funds did in 2021:
· Raised a total of $2,865,000 from our accredited investor partners
· Purchased 15 non performing notes with a total UPB of $2,887,364
· Liquidated 9 assets for $2,237,200 resulting in $2,167,790 in net proceeds:
Breakdown as follows:
4 properties sold at foreclosure auctions
3 liquidated as short payoffs
2 properties sold as REO
You can view loan level details for the loans of the individual Funds here.
Fund III Results:
Liquidated 3 assets:
· 2 REOs
· 1 Short Payoff/Short Sale
Of the 3 remaining assets:
· 1 REO is scheduled to close by the end of 2021.
· 1 REO is listed on the market for sale.
· 1 REO has a hearing in early January that may allow us to clear title so that we can list the property for sale.
Fund IV Results:
No liquidations in 2021.
1 remaining asset. We collected about 8 months on this loan and then it went non performing again. We obtained relief from the automatic stay and are about to re-start the foreclosure.
Fund V Results:
Liquidated 3 assets:
• 2 Properties Sold to 3rd Party Bidders at Foreclosure Sales.
• 1 Short Payoff/Settlement Agreement with Note Seller.
Of the 2 remaining assets:
• 2 REOs are listed on the market for sale.
Fund 6 Results:
Liquidated 2 assets:
• 1 short payoff/short sale
• 1 Property Sold to a 3rd Party Bidder at Sheriff’s Sale
Of the remaining 9 assets:
• 1 REO is listed for sale.
• 1 REO is getting ready to be listed for sale.
• 2 REOs are undergoing rehab.
• 2 NPNs are pre-judgment.
• 2 NPNs have upcoming foreclosure sale dates.
• 1 NPN has a borrower in Chapter 13 bankruptcy.
Fund 7 Update:
Fund 7 closed to new investment on November 15, 2021. We raised $760,000 and have acquired 4 non performing notes. We are continuing with our note buying.