LATEST NEWS

COASTLINE CAPITAL FUND MANAGEMENT

November 19

Coastline Capital Fund 7 Closed to New Investment on November 15th, 2021.

We raised $760,000 and are in the process of evaluating and acquiring non performing notes.

See our View Current Offerings page to see more.

October 1

Coastline Capital Fund 7 is Open for Investment!

The Two Week Special Offering period ends October 15, 2021. 

See our View Current Offerings page to see more.

September 15

Coastline Fund September Updates

Coastline Capital Fund 7 will open for investment on October 1, 2021. There will be a special two week offering period until October 15, which will allow for unlimited oversubscription to the higher profit split Units.

To get the full information on Fund 7, you will need to register for a free account at our dedicated investor portal. You can do that by clicking here:

 

View Fund 7 Investment Offering

Are you considering investing in Fund 7 but want to hear about it yourself? No problem.

We'll present a short 20-25 minute webinar that will introduce ourselves, explain the opportunity and how the fund works, and what it'll take for you to get involved.

If you have the means and the will to invest, this is a great opportunity to be part of a distressed asset Fund that's perfectly positioned to take advantage of opportunities in the event the economy gets worse.

Registration is required to attend the webinar. Accredited investors only. Register by clicking below:

 

Register for Fund 7 Webinar

Fund 6 Update

 

We raised $2,105,000 for Fund 6 in February, 2021, and purchased 11 assets backed by properties in Illinois (5), New Jersey (3), and Florida (3).

To date, we've liquidated 2 assets and made one distribution to investors.

Of the remaining 9 assets:

  • 1 REO is undergoing a rehab before going on the market

  • 5 NPNs have sale dates or are waiting to have sale dates

  • 1 NPN has a Deed in Lieu of Foreclosure in progress with the borrower

  • 2 NPNs are pre judgment

 

Things are going great and all assets are moving forward towards liquidation

Fund V Update

 

We have 3 remaining assets backed by properties in Ohio (1), Illinois (1), and Louisiana (1).

 

Of these 3 assets:

  • 2 NPNs went to foreclosure sale and reverted back to us as REOs

  • 1 NPN is in the process of completing a short payoff and should be finalized in the next week or two

 

Once the foreclosure sales are confirmed and we take title to the properties, the end will be in sight for Fund V since we'll be in control of the properties and not the former borrowers.
 

Fund IV Update

 

We have 1 remaining asset backed by a property in Virginia.

 

The borrower continues to sub-perform on the plan. Continuing to monitor the loan and are ready to respond in case of future delinquencies.

 

Fund III Update

 

We have 3 remaining assets backed by properties in California (1), Wisconsin (1), and Illinois (1).

 

Of these 3 assets:

  • 1 REO is completely renovated and is on the market for sale

  • 1 REO is undergoing minimal renovations while we work on clearing title

  • 1 NPN is going to sale later this month

August 3, 2021

 

Coastline Capital Fund 7 Scheduled to Open October 1, 2021!

 

Mark your calendars! The next Fund is almost ready for investment. Less than two months away.....

Fund 6 Update

The acquisition of NPNs has been completed. Our last intended purchase of a NPN was pulled by the seller at the last minute. We're already experiencing liquidations and decided to go with the portfolio that we have and begin making distributions.

We anticipate making the first distribution to investors in the next couple of weeks.

We purchased 11 assets backed by properties in Illinois (5), New Jersey (3), and Florida (3).

Of these 11 assets:

  • 1 has liquidated as a short payoff in a short sale transaction (waiting on proceeds)

  • 1 has sold to a 3rd party at Sheriff's Sale (waiting for buyer to complete transaction)

  • 1 is an REO (vacant; awaiting trash out)

  • 3 have sale dates or are waiting to have sale dates

  • 5 are pre judgment

 

Fund V Update

We've completed the liquidations for two assets for Fund V.

We've received the proceeds from one yesterday and expect those from the other to get to us later this week.

 

We anticipate making the next distribution to investors soon thereafter.

 

Of the 3 remaining assets:

  • 2 have sale dates in late August

  • 1 is pre judgment in a contested foreclosure

 

Fund IV Update

 

No change with the 1 remaining asset backed by a property in Virginia.

 

The borrower continues to make payments on the loan in her bankruptcy plan.

 

The current strategy is to wait until the end of the year. If the debtor fails, we will proceed with foreclosure. If the debtor succeeds, we will put the loan out for sale.

 

We anticipate making a small distribution to investors in September, 2021.

 

Fund III Update

 

We closed with a short payoff of one our NPNs in June.

 

We waited to see how much rehab another of our REOs needed before determining the next distribution amount.

 

Fund III investors are getting a distribution this month.

 

Final Numbers (subject to trailing transactions):

 

Property Location: 328 N Janes Ave, Bolingbrook, IL 60440

  • Purchase Price: $116,323

  • Total Cost Basis: $89,585

  • Sale Price: $172,500

  • Net Proceeds: $172,246

  • Net Profit: $82,661

  • Days Held: 853

  • ROI: 92.3%

  • Annualized ROI: 39.5%

 

Of the 3 assets remaining:

 

2 are REOs:

  • 1 is on the market for sale

  • 1 is undergoing a trash out & will go on the market once we clear title

 1 is a non performing note, which we are in the process of getting a sale date

July 5, 2021

Happy Birthday, America!

We hope that everyone enjoyed their 4th of July!

Here are the latest updates on each of the Funds:

Fund 6 Update

 

Fund 6 is off and running!

So far, we've purchased 11 assets backed by properties in Illinois (5), New Jersey (3), and Florida (3).

Of these 11 assets:

  • 1 has already turned into an REO

  • 4 have sale dates or are waiting to have sale dates

  • 1 is exiting bankruptcy and will have a sale date soon

  • 5 are pre judgment

 

We are looking to buy one or two more non performing notes with the remaining available capital.

 

In general, real estate markets have been booming across the country. This helps us for the assets that we have now since it makes the underwater loans and the REOs more valuable. It also provides additional challenges in that note sellers are expecting more for their notes.

 

Looking forward to finding the right notes for our last purchases and pushing forward with the liquidations of the assets we have now.

 

Fund V Update

 

We're continuing to make progress on liquidations for Fund V.

 

We have 5 remaining assets backed by properties in Ohio (2), Illinois (1), New Jersey (1), and Louisiana (1).

 

Of these 5 assets:

  • 2 sold to 3rd party bidders at the foreclosure sales (waiting on the sales to be completed by the bidders)

  • 1 has a sale date in July

  • 1 is going through the final process before going to sale

  • 1 is pre judgment

 

Assuming that the 2 foreclosure sales get completed, we should have one or two distributions going out to investors in the next month or two.

 

Fund IV Update

 

We have 1 remaining asset backed by a property in Virginia.

 

The borrower filed a 2nd bankruptcy to stop our foreclosure sale last year. The debtor was in danger of having the bankruptcy dismissed and appears to be on her final chance,

 

Although she has made 10 consecutive payments, we feel that there is a high probability that she will fail in her plan.

 

The current strategy is to wait until the end of the year. If the debtor fails, we will proceed with foreclosure. If the debtor succeeds, we will put the loan out for sale.

 

The real estate market in the area of this property has been booming like a lot of other markets across the country. This helps us because it makes this underwater loan or potential REO more valuable. While we're waiting for the outcome, we continue to collect on going payments from the borrower and payments from the bankruptcy trustee.

 

Fund III Update

 

 

We're continuing to make progress on liquidations for Fund III.

 

We have 3 remaining assets backed by properties in California (1), Wisconsin (1), and Illinois (1).

 

Of these 3 assets:

  • 1 is an REO with renovations almost completed and about to go on the market

  • 1 is an REO which we just took possession of after a long eviction

  • 1 is a NPN, which should have a sale date once the current moratorium expires at the end of July

 

We had one liquidation last month and are waiting to see what the rehab costs will be for the CA asset before we determine an amount and make another distribution to investors.

April 2, 2021

Coastline Fund Updates 2021 Q1

It's been an eventful quarter for us! We closed Fund 6 to new investment in February and are in the process of acquiring assets. Overall, we continue to have liquidations as local governments resume sales as the latest (and, hopefully, last!) surge in the pandemic recedes.

We completed tax returns quickly, like we usually do, and got K-1s out to our investors in the first week of March.

We're in the process of transitioning management of our non performing notes to the same software that we use for our REOs so that we can be even more efficient and use the one system instead of two.

We're finding that real estate markets in general are hot right now and our REOs are getting multiple offers quickly. We're also finding that a lot of the loans we're looking at buying are in late stage foreclosure. Just as we had a few loans that are almost at the finish line but stalled because of the pandemic, several of our sellers are in the same position.

Some want or need to get these old loans off of their books and we're happy to oblige.

Read further for updates on each of the Funds:

Fund 6 Update

 

 

We closed Fund 6 to new investment near the end of February, 2021. We've been in acquisition mode ever since.

So far, we've purchased 5 non performing notes with total Unpaid Principal Balances of $822,376. The properties backing these loans are:

1 Florida Condo with a sale date in May
2 Illinois Single Family Residences (1 with sale date in May, the other pre-judgment)
2 New Jersey Single Family Residences (1 waiting for sales to resume, the other post judgment)

We expect the remaining acquisitions to take 1-2 more months.

 

Fund V Update

Of the remaining 5 non performing notes:

 

Canton, OH - expecting to set a sale date for early May.

Blacklick, OH - still pre-judgment; courts have limited hours and are backed up.

New Orleans, LA - judgment hearing at the end of April.

Phillipsburg, NJ - first scheduled sale date in early April was postponed until early May. We expect that sale date to get extended as well for a second and last time to early June. Continuing to collect the rents on this duplex.

Chicago, IL - pre-judgment; expect to get a hearing in late April or May.

 

Fund IV Update

 

 

We have one remaining asset:

 

Dale City, VA (Re-performer) -  the borrower is continuing to have issues with the bankruptcy. Although the borrower has made 7 consecutive payments, we don't believe that she will be able to complete the plan. Continuing to monitor the situation.

Fund III Update

 

We sold 1 REO in February and 1 in March.

 

Of the 4 remaining assets:

 

Bolingbrook, IL (Re-performer) - we've approved a short sale and expect the transaction to close by mid-April.

Janesville, WI (REO) -  more than halfway done with renovations.

Rancho Murieta, CA (REO) - making progress on the eviction but facing delays because of COVID and a continuing aggressive defense from the former borrower.

Homer Glen, IL (NPN) - waiting for sheriff's sales to resume, they've been on hold because of COVID.


 

March 23, 2021


Coastline Capital Fund 6 March Update


Fund 6 closed to investment on February 22, 2021. We raised in excess of $2 Million and are in the process of acquiring non performing notes. So far, we’ve purchased 3 loans from two different sellers and have another 2 loans in due diligence with a third seller. 


The notes varied in purchase price between $48k and $278k for properties valued between $64k and $339k in the states of Florida, Illinois, and New Jersey.  We will continue to buy notes and anticipate completing acquisitions within the next two months.

January 22, 2021


Coastline Capital Fund 6 to Close to New Investment February 15, 2021


Based on what we’ve raised so far and since we’ve already received the Minimum Fund Offering amount of $1 M, Sean and I made the decision to close the Fund early.  The closing date and the last day that we are accepting signed subscription agreements for new investment is now February 15, 2021.


After that date, we will proceed to buy one or more pools of non-performing notes.
If you’re considering investing in a destressed asset fund, now is a great time. This opportunity will go away in just a few more weeks.

 

Don’t miss out!

December 17, 2020

We Raised $1,995,000 for Fund 6 during the Special Offering Period!

The special two week offering period ended December 15 at 8 am PST and allowed for unlimited oversubscription to the higher profit split, Class A Units. Numerous investors took advantage of the opportunity.


We received $1,995,000 in subscription agreements, which means we’ve exceeded the original allotment of $1 Million in the higher profit split Class A Units. Now, only Class B Units are available.
The next milestone is receipt of initial contributions from the subscribers to Class A Units. So far, we’ve received $330,000 with more checks on the way.

 

Once we receive $1 Million, the Preferred return will start to accrue.  

 

Until then, Class B Units are available for investment.

December 4, 2020

Opening of Fund 6

“Coastline Capital Fund 6 (“the Fund”) is an unregistered security issued under a Regulation D, 506(c) exemption and is available to Accredited Investors only. The Fund is focused on the acquisition and resolution of first position, non-performing notes (“NPNs”) backed by residential real estate. The Sponsor of this Private Placement Offering is Coastline Capital Fund Management, LLC (“CCFM”), of which, Sean Irwin and Andy Mirza are the sole managers.


The Fund is uniquely positioned to acquire NPNs at a discount through long term, hard won relationships with Wall Street hedge funds. The Fund will profit by liquidating at higher prices through various liquidation outcomes such as foreclosure sales, re-selling loans, short sales and short payoffs, and selling properties it acquires through foreclosure.


Investments are offered in Units of $5,000 each. The minimum investor investment is 5 units or $25,000, which can be waived at CCFM’s discretion.  This offering is available to investors from December 1, 2020 to February 28, 2021.


SPECIAL OFFERING PERIOD: We are allowing unlimited oversubscription to Class A Units (60/40 profit split) from December 1, 2020, to December 15, 2020.


Investors will earn an 8% Preferred Return on the amount of their money invested in the Fund. The Preferred Return becomes active once we raise the minimum offering amount of $1,000,000.
We forecast that the combined preferred return and profit split to the Investor will equate to a 15% return on their investment per year. This is a forward looking statement and cannot be guaranteed.

 

PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.


Create a login profile and view the entire offering at our dedicated investor portal:

November 15, 2020

Fund 6 Presentation – December 1, 2020 at 10 am PST.

Are you considering investing in Fund 6 but want to hear about it yourself? No problem.
We’ll present a short 20-25 minute webinar that will introduce ourselves, explain the opportunity and how the fund works, and what it’ll take for you to get involved.


If you have the means and the will to invest during these tumultuous times, this is a great opportunity to be part of a distressed asset Fund that’s perfectly positioned to take advantage of opportunities in the event the economy gets worse.

November 3, 2020

Coastline Capital Fund 6 Opens December 1, 2020.

We’re expecting a lot of interest in this next Fund and are excited to get it up and running. We had a lot of success in changing the structure of our last Fund and put a lot of thought into the best ways of structuring Fund 6.


This is what we came up with:


1. Total raise amount of $2.5 Million consisting of:
1. $1,000,00 of Class A Units (60/40 profit split)
2. $1,500,000 of Class B Units (50/50 profit split).
2. 8% Preferred Return for Class A & B Units.
3. Units are $5,000 each.
4. Minimum investment: $25,000.
5. Minimum investment for previous investors: $5,000.
6. Minimum Fund Offering: $1,000,000 (once we reach this, the Preferred Return begins to accrue).
7. Fund opens December 1, 2020 @ 8 am PST. The Fund closes February 28, 2021 (we have the option to close it earlier).


Now, here’s the exciting part:


For the first two weeks that the Fund is open, we’re offering unlimited oversubscription to Class A Units to all investors. The two week period ends December 15, 2020 @ 8 am PST.  That’s right. If you come in during the first two weeks that Fund 6 opens, you’ll be entitled to Class A units. Once the two week period expires, this opportunity goes away.


Based on our conversations with potential and past investors, we believe that we’ll exceed $1,000,000 in the first two weeks That means that only Class B Units will be available. If you’re interested in investing in Fund 6, the first two weeks of December will be the time to do it so that you’ll get the Class A Units with the higher profit split.


Now’s the time to learn more about our company and funds so that you can pull the trigger when December 1 rolls around!

November 3, 2020

Fund V November Update

In October, we received the proceeds from our first liquidation and made the first distribution to investors. We “righted the ship” on all assets to get them moving again towards liquidations.
 

Of the remaining 6 assets:


1 has a sale date in early December
1 is awaiting a sale date once Sheriff’s Sales resume in January, 2021 (Warren County, NJ)
3 are pre-judgment (middle of foreclosure)
1 is pre-judgment, waiting for the court to allow foreclosures again (Cook County, IL)

November 3, 2020

Fund IV November Update

In October, we completed the sale of 1 REO, made 1 distribution to investors and are in escrow on a 2nd REO.

Of the 3 remaining assets:


2 are REOs:


1 REO: in escrow and scheduled to close early November
1 REO: about to be listed for sale
1 is a non performing note:

 

The borrower’s latest bankruptcy filing is in all sorts of trouble and looks likely to be dismissed. We are closely monitoring the situation.  The lockdowns and moratoriums related to COVID pushed back timelines on some of our assets up to 6 months and counting. At the beginning of the year, I believed that we could fully liquidate the portfolio by the end of the year.


Now, I believe that we’ll liquidate 2 out of 4 by the end of the year with the other 2 liquidating in the first half of 2021.

November 3, 2020

Fund III November Update

In October, a judge confirmed the sheriff’s sale so we have one more REO. We also made progress with one of our eviction cases for our REO in California. Because of COVID related impacts on the court system, it’s still too early to know when to expect a resolution.


Of the 7 remaining assets:


5 are REOs:

 

1 REO: listed for sale
2 REOs: undergoing renovations
1 REO: in eviction proceedings
1 REO: newly confirmed sale; attempting cash for keys with the occupants

 

2 are notes:


1 is a reperforming note with a borrower in a Chapter 13 bankruptcy plan; we’ll put that out for bids at the beginning of next year.


1 is a non performing note backed by a house in Homer Glen, IL; the Sheriff has canceled all sales through the end of the year. Unknown when we can move forward with this one.


The lockdowns and moratoriums related to COVID pushed back timelines on some of our assets up to 6 months and counting. At the beginning of the year, I believed that we could fully liquidate the portfolio by the end of the year. Now, I believe that we’ll liquidate 3 out of 7 by the end of the year with the other 4 liquidating in the first half of 2021.
 

September 22, 2020

Fund V September Update

Fund V closed to investment on July 31, 2020. We raised a total of $850,000. The following week we started our search to buy non performing notes. During the month of August we purchased 5 loans from three different sellers.


The buying process was smooth with our trading partners and I’m very pleased with the variety and quality of the notes we were able to select. The notes varied in purchase price between $50k and $180k for properties valued between $145k and $245k in the states of Ohio, Illinois, Virginia, Louisiana, and New Jersey.


We have enough available capital to buy one or more notes and will be doing so over the next few weeks.  At the end of September, I’ll provide more detailed loan level reporting like I do for the other Funds.

September 22, 2020

Tentative Opening for Coastline Capital Fund VI is November, 2020

If you missed the chance to invest in Fund V, don’t worry! The opening for Fund VI is just around the corner.


We anticipate a lot of liquidations and distributions to investors in Fund III and IV over the next several months. We know that some investors will want to put their money right back to work so we’ll make sure that Fund VI is open to accommodate them.


Fund VI will most likely have at least two tiers of investment classes, in which the earliest investors will be offered the highest Profit Splits. Previous investors in Coastline Capital Funds will have the first opportunity to subscribe to higher tiers before we open it up to everyone else.
 

Stay tuned for updates!

July 10, 2020

Coastline Capital Fund V Webinar Presentation.

We presented a live webinar for Fund V on June 30, 2020. We received feedback that a lot of people enjoyed hearing directly from Sean and I about how we conduct our business and about the opportunity to invest in Fund V.

If you missed it, no need to worry because we recorded it. Check it out: