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Bahamas fund manager launches new offshore product

The Bahamas-based Sterling Financial Group Inc announced in February the launch of its third offshore mortgage fund, New Providence Income Fund Ltd – a Cayman Islands domiciled and regulated fund. 

Source:
Date:
Updated:
PRNewswire
March 8, 2012
March 8, 2012

HYATTSVILLE, Md., March 7, 2012 /PRNewswire-iReach/ — “Offering stable return not correlated to traditional equity and bond markets with enhanced protection of investment principal.”

(Photo: http://photos.prnewswire.com/prnh/20120307/CG66353)

Nassau, The Bahamas based Sterling Financial Group Inc, announced February 28 the launch of their third offshore mortgage fund, New Providence Income Fund, Ltd. (“the Fund”), a Cayman Island domiciled and regulated fund. The Fund pursues and expands on the same proven investment strategy as its predecessor funds.  As an open ended offshore fund, it offers its investors greater transparency and flexibility.

Since 2006, Sterling has demonstrated consistent returns with its predecessor fund while maintaining an enhanced protection of investment principal through over-collateralization of its loan portfolio.  Sterling has not realized a single loss of invested principal on any loan with its mortgage funds.  For the year ending November 30th, Sterling’s two predecessor funds return on invested capital was 11.31% and 12.34% up from 10.29% and 12.26% respectively. 

The Fund is managed by Sterling who is also the fund promoter, loan underwriter, and loan servicer.  The Sterling platform will support the Fund’s operational, risk management and regulatory requirements. The platform focuses on bringing funds to market in the most cost-effective and operationally efficient manner possible for its clients.  Sterling combines an experienced team in managing mortgage loan funds, a strong internal infrastructure, partnerships with leading service providers, direct lending, and loan servicing capabilities.

Mr. David Kosoy,Chairman and CEO of Sterling Financial Group, Inc has stated:

“We are launching the Fund at a time where investors are seeing increased uncertainty in the global financial markets.  Sterling has a robust and tested infrastructure for successful implementation of mortgage funds.  Following the success of our two closed end mortgage funds which delivered positive returns during the recent financial crises, we are delighted to be working with world class service partners in bringing an institutional class fund to the market.”

Mr. Kosoy further added:

“We have seen an increased demand from investors for institutional quality funds that would diversify their exposure to traditional investments as well as providing attractive returns and enhanced protection of their invested capital.   We are pleased that we can offer a proven strategy on a tried and tested platform to a wider base of offshore and onshore investors through a product that has a potential to significantly enhance and diversify their portfolios.”

Notes for Editors

ABOUT STERLING FINANCIAL GROUP INC.

Sterling Financial Group is a Nassau, Bahamas based, financial services business founded in 2006.  The company is privately owned and is regulated by the Securities Exchange Commission under the Financial Service and Corporate Providers Act. The series of income funds managed by Sterling invest and profit from a portfolio of privately held real estate mortgage loans.  The business is administered by David Kosoy and other respected real estate professionals who collectively have significant experience in the mortgage lending market. Mr. Kosoy has a track record over the past 40 years of successfully and consistently generating profits in the real estate mortgage lending sector in Canada, the Bahamas, the U.S. and the U.K.

THE FUND KEY ATTRIBUTES

The Fund objective will be to offer Investors an investment strategy that delivers consistent returns with enhanced protection of investment principal. Its aim is to achieve overall returns of between 10 to 15% per annum after management compensation and operating expenses.

This return will be generated from (1) loans advanced directly by the Fund building a portfolio of senior and junior mortgages including bridge loans advanced to owners as operators and/or developers or redevelopers of retail, industrial, office, single family, multifamily or other commercial properties; (2) residential mortgages; (3)  in selected cases the Fund may participate or co-invest with other lenders in advancing loans; (4) as well as acquire select mortgage backed securities and real estate backed liens which may include super priority tax liens; (5)  at the discretion of Fund Manager, up to a maximum of 15% of the Fund in real estate and real estate related assets.  At all times, the fund shall have no less than 10% of its NAV in liquid assets, marketable securities, bank credit facility, or a bank letter of credit

The Fund is registered in the Cayman Islands as an exempted company limited by shares and specifically formed for the Fund.   Initially, the Fund’s directors have designated one class of Participating Shares for offer to investors, being Class A shares.  The Directors of the Fund have significant banking, fund management, lending and real-estate experience.

Media Contact: Sharell Carroll SageEden Media Group, (242) 356 0646, info@sageedenmedia.com  

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE Sterling Financial Group, Inc

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