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 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.
IR Contact: Spotlight Growth
SOHI@spotlightgrowth.com