Sterling Mortgage Income Fund

Sterling Mortgage Income Fund Ltd (SMIF; formerly New Providence Income Fund) is an open-ended real estate income fund registered in the Cayman Islands. SMIF is focused on real estate lending opportunities in North America, the English-speaking Caribbean and parts of Europe, and is a boutique, service-oriented lender with strong relationships with developers, mortgage brokers and loan participation partners and has strong, deep relationships with lending partners.

Strong. Flexible and Reliable Lending Partners.

SMIF has provided financing for large hotel renovations, condominium developments, multi-use complex construction projects and land acquisition for urban redevelopment. It has won numerous awards and earned prestigious industry-wide recognition.

Investment Manager Historical Performance

Predecessor Fund Performance

In 2006, Sterling launched its first predecessor fund.
New Providence Financial Management Partners (NPCMP) 2006 $25 Million All capital deployed and majority of capital returned to investors.
New Providence Financial Management Partners II (NPCMP II) 2009 $31 Million Later stages of investing committed capital with fund life running through 2015 and presently winding down.
3.48% (YTD)**
  2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
NPCMP 6.9% 6.28% 9.48% 10.29% 11.31% 10.71% 18.10% -- -- -- -- -- --
NPCMP II -- -- -- 12.26% 12.34% 11.83% 11.63% 12.46% -- -- -- -- --
SMIF -- -- -- -- --- 19.27% 13.28% 14.58% 13.80% 12.20% 10.65% 11.33% 10.74% 4.55%
* NPCMP and NPCMPII are in the later stage of winding down and returning capital to investors.
** 2020 returns are as of May 31, 2020.

Our real estate lending covers the following types of investment:

  • First mortgages: are senior secured debt on real estate having a priority first lien position over any other lien or mortgage on a particular property. We offer borrowers customized or integrated solutions by providing loan terms and structuring alternatives not available from conventional lenders, which, together with speed and reliability of execution, makes our financing options more attractive to borrowers even at a higher price.
  • Bridge loans: to provide interim short-term real estate financing with maturities between 6 and 24 months. These loans allow the property owner to achieve specific short term objectives, which once achieved will allow the owner to secure conventional medium/long term financing.
  • Mezzanine loans are subordinated but secured real estate debt which rank junior to senior/first mortgages but rank senior to borrower’s equity. The mezzanine loans will be secured by either one or a combination of the stock of special purpose, bankruptcy-remote companies that own the property being financed and/or conventional junior mortgage secured by such property.
  • Loan size: from $2 million to $30 million.
  • Term: 1 to 5 years with lock out periods depending on the loan.
  • Property Types: Office, Industrial, Retail, Multi-family, Single-family, Hotels and Resorts.
  • Interest Rate: The fund has a target yield of over 10%

Focusing on multiple exit strategies, borrowers with strong track records and disciplined leverage levels, the fund offers Investors a strategy that delivers consistent returns with enhanced protection of investment principal.

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