Sortis Holdings, Inc. (SOHI), a Portland, Oregon-based alternative investment fund manager, announced that Sortis Income Fund, LLC produced a net annualized return of 10.02%* during the third quarter 2020. The Sortis Income Fund (SIF) is an unleveraged mortgage fund, which focuses on short-term notes that are collateralized by real estate.
During the third quarter, the Sortis Income Fund saw inflows of $9 million to reach a total size of $60 million, as of mid-October 2020.
“As the COVID environment continues, we are seeing great lending opportunities as well as solid portfolio performance. Banks have tightened on their lending and our leveraged competitors are facing challenges, both of which contribute to our robust lending pipeline,” noted Jef Baker, SIF managing director.
“While our unwavering focus is on protecting investor principal, especially in a volatile stock market, we do take pride in also delivering a 10% net, annualized yield to our Fund investors. Our expertise in understanding real estate as well as having an extensive background in distress gives us a unique ability to both mitigate risk while taking advantage of opportunities,” said Baker, SIF managing director and Sortis Holdings CEO.
Recent Sortis Income Fund Activity
The SIF loan portfolio continues to perform well, and while we do see some borrowers challenged with cash flow or in need of an extension (for a fee) we feel confident about the loans and the underlying collateral.
Related to RE foreclosed, we recently negotiated a deed in lieu on a Portland Condo with a loan balance of approximately $321,000. That has just been listed and we anticipate a sale in the 4th quarter given that housing market inventory is low.
We continued to have positive loan activity during the 3rd quarter. In a recent email to SIF investors we highlighted a multifamily loan we made to a borrower that was asset rich but had allowed a foreclosure to approach an auction date and needed financing quickly.
The Sortis Income Fund and its other investment offerings are accessible via major national investment platforms or directly from Sortis Holdings at www.sortis.com/funds.
About Sortis Income Fund LLC
Sortis Income Fund is an evergreen real estate loan fund offered through private placement to accredited investors. The fund is managed by Sortis Holdings Inc. The fund has a conservative focus on holding real estate loans. Sortis, with deep roots in the Northwest, has developed a broad network over many years in banking and finance and has earned a reputation as a high-quality private lender that can execute efficiently.
About Sortis Holdings, Inc.
Sortis Holdings (OTCBB:SOHI) is a leader in diversified alternative investment strategies focused on real estate, lending, distress situations and rescue opportunities. Top priorities include capital preservation and long-term economic growth primarily focused in the Western U.S. Sortis Funds include the Sortis Income Fund, the Sortis Opportunity Zone Fund, the Sortis Rescue Fund, and the Sortis Growth Fund. Operating under the principles of client focus, integrity, hard work and creativity, Sortis Holdings provides its accredited investors with well-managed, diverse asset-based investment strategies. Learn more at sortis.com.
*Returns are based on un-audited financial results.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Sortis Holdings, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Sortis Holdings’ ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Sortis Holdings’ and Sortis Income Fund’s disclosure documents and filings.
This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities. Any offer will be made only by means of an offer memorandum. This announcement is not for release, publication or distribution, in whole or in part, in or into, directly or indirectly, any jurisdiction other than the United States.