The biggest news this week was that we opened up Coastline Capital Fund V to investment on Wednesday! We’re pumped up and ready to make this one the biggest Fund yet! Check our Funds page to learn more.
Last week ended the way I expected it to. Out of the three foreclosure sales that were scheduled, one went through as planned and the other two were postponed or cancelled due to bankruptcy filings. The one that went through had a borrower that was deceased. No bidders bid on the property so this one will come back to us REO.
Bankruptcy filings on the eve of a foreclosure sale are so frequent now that we assume that it will happen with every sale. We’ll monitor the filings and subsequent submitted documents but there’s not much to do now except wait.
However, the problem bankruptcy from last month has resolved itself. We obtained our Order from Relief from the Automatic Stay last week and the timing was perfect for our postponed Trustee Sale, which occurred without a hitch yesterday. No bidders at the sale so this one comes back to us REO as well. This note belongs to Fund IV, which has been moving much faster than Fund III. It’s been 5 months and 2 out of the 5 assets are already REO……