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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/30/22 American Homeowner Pre… 2015A LLC 1-SA 6/30/22 1:85K GlobalOne Filings Inc/FA |
Document/Exhibit Description Pages Size 1: 1-SA Semi-Annual Report or Special Financial Report HTML 84K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 1-SA
☒ SEMIANNUAL REPORT PURSUANT TO REGULATION A
or
☐ SPECIAL FINANCIAL REPORT PURSUANT TO REGULATION A
For the fiscal semiannual period ended June 30, 2022
AMERICAN HOMEOWNER PRESERVATION 2015A+, LLC
(Exact name of issuer as specified in its charter)
Commission File Number: 24R-00035
Jurisdiction of Organization: Delaware
IRS EIN: 38-3989694
440 S. LaSalle Street, Suite 1110
(866) 247-8326
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Item 1: Management’s Discussion and Analysis of Financial Condition and Results of Operations
Operating Results
For the 6 months beginning January 1, 2022 and ending June 30, 2022 (the “Operating Period”), the Company had net income of $1,247,096. The Company had total revenue of $3,987,012 with expenses of $2,739,916. Material expenses included acquisition costs and expenses related to the sale of assets, totaling $1,557,101 and $421,706, respectively.
The Company has total assets of $14,412,951 consisting primarily of mortgage loans and REO assets held for sale in the amount of $13,865,872. Total liabilities of $3,930,601 consist primarily of balances due to related parties in the amount of $3,482,461.
During the Operating Period, the Company did not acquire additional mortgage loans.
Liquidity and Capital Resources
Our registration statement on Form 1-A, pursuant to which we offered to sell up to $50,000,000 of Class A interests, was declared effective by the Securities and Exchange Commission on May 25, 2016, and the offering closed on May 24, 2018. At the conclusion of the Offering, the Company had sold $35,579,904 of Class A Interests.
As of June 30, 2022, cash balances totaled $30,987 and the book value of purchased assets totaled $10,846,388.
To buy loans, we used the proceeds from the Offering, advances from affiliates, and loans from third parties. Third party loans have been repaid and details on advances from affiliates can be found in the financial statements included below.
Trend Information
After closing the offering, the Company dedicated significant resources to ensure that the influx of capital was deployed effectively into investments with attractive potential returns. While this affected the timing of our earnings, it positioned the Company to generate strong future returns. Our previous purchase of two hyper-distressed loan pools also affected the timing of our earnings.
Additionally, during the Operating Period, the Company continued to be impacted because of the ongoing COVID-19 pandemic. While this had a negative impact on certain aspects of our business (e.g., it was difficult to foreclose on residential mortgages while various federal, state, and local moratoriums were in place), the federal government’s response to the pandemic had many positive impacts as well.
While we expect this trend to continue in the short term, we believe there is cause for optimism regarding the Company’s potential moving forward. Home prices are higher than they have been in a generation and conditions indicate a strong seller’s market in many parts of the country. This means new loans will be originated to purchase homes and it will be an easier market to sell homes for fair value once we receive title to the properties securing our mortgage loans. These trends will increase the profitability of the Company to our Investors.
Although we have no way of knowing whether these trends will continue in the future, we believe that the balance of the evidence shows favorable operating conditions for the Company moving forward.
Item 2: Other Information
On May 6, 2022, the Company appointed Jorge Newbery to be the Chief Financial Officer, replacing Charles Halko who is no longer employed by the Company.
Also in May of 2022, Eric Seabrook was replaced as President of the Company by Laurice Srichinda.
After the Operating Period covered by this report, Robert Camerota was replaced as Vice President by Laurice Srichinda on August 2, 2022.
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Item 3: Financial Statements
| 2015a PLUS LLC | ||||
| Balance Sheet | ||||
| As of June 30, 2022 | ||||
| Total | ||||
| ASSETS | ||||
| Current Assets | ||||
| Bank Accounts | ||||
| Fifth Third 2015A + LLC | $ | 19,863.69 | ||
| Fifth Third-3523 2015A + | 11,123.29 | |||
| Total Bank Accounts | 30,986.98 | |||
| Accounts Receivable | ||||
| Accounts Receivable - trade | (24,528.00 | ) | ||
| Mortgages Rec | 268,045.12 | |||
| P&I Receivable | 227,957.99 | |||
| Other Acct Rec | 0.00 | |||
| Total Accounts Receivable - trade | 471,475.11 | |||
| Total Accounts Receivable | 471,475.11 | |||
| Other Current Assets | ||||
| Undeposited Funds | 0.00 | |||
| Due to/from Related Parties | 0.00 | |||
| Due from preREO LLC | 29,889.08 | |||
| Due from AHP LLC | 0.00 | |||
| Due from AHPC | 0.00 | |||
| Due From ATS | 0.00 | |||
| Total Due to/from Related Parties | 29,889.08 | |||
| Prepaid Expense | 14,727.45 | |||
| Total Other Current Assets | 44,616.53 | |||
| Total Current Assets | 547,078.62 | |||
| Fixed Assets | ||||
| Capitalized Technology Costs | 65,025.00 | |||
| Accumulated Depreciation | (65,025.00 | ) | ||
| Total Fixed Assets | 0.00 | |||
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| Other Assets | ||||
| Legal Retainer | 0.00 | |||
| Deferred offering costs | 0.00 | |||
| Acquisition Costs | 4,224,518.22 | |||
| Cap Expenses - Legal | 2,709,600.94 | |||
| Cap Expenses - Taxes | 3,328,578.75 | |||
| Cap Expenses - Comm/Incentives | 85,203.13 | |||
| Cap Expenses - Repairs & Maint | 361,454.54 | |||
| Cap Expenses - LN Servicg/Fees | 0.00 | |||
| Cap Expenses - Recording Fees | 175,781.38 | |||
| Cap Expenses - DIL | 3,240.00 | |||
| Cap Expenses - H/O Outreach | 9,539.90 | |||
| Principal payments | (1,277,454.24 | ) | ||
| Cap Expenses - Utilities | 22,012.58 | |||
| Cap Expenses -Due Diligence | 376,672.64 | |||
| Cap Expenses -Title Reports | 240,398.47 | |||
| Cap Expenses - Misc | 602,032.73 | |||
| Document Management | 39,190.66 | |||
| Total Acquisition Costs | 10,900,769.70 | |||
| REO Acquisition Costs | 4,359,980.00 | |||
| Legal | 0.00 | |||
| Taxes | 0.00 | |||
| Commission/Incentives | 0.00 | |||
| Maintenance | 0.00 | |||
| Loan Servicing | 0.00 | |||
| Recording Fees | 0.00 | |||
| DIL Fees | 0.00 | |||
| Utilities | 0.00 | |||
| Agent Outreach | 0.00 | |||
| BPO & CMA | 0.00 | |||
| Title Reports | 0.00 | |||
| Tax Reports | 0.00 | |||
| HOA | 0.00 | |||
| Closing Costs | 0.00 | |||
| Total REO Acquisition Costs | 4,359,980.00 | |||
| Equity Investment in preREO | (1,394,877.55 | ) | ||
| Deferred Financing Costs | ||||
| Defer Keystone Loan Orig. Fees | 0.00 | |||
| Total Deferred Financing Costs | 0.00 | |||
| Total Other Assets | 13,865,872.15 | |||
| TOTAL ASSETS | $ | 14,412,950.77 |
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| LIABILITIES AND EQUITY | ||||
| Liabilities | ||||
| Current Liabilities | ||||
| Accounts Payable | ||||
| Accounts Payable | $ | 37,432.06 | ||
| Total Accounts Payable | 37,432.06 | |||
| Credit Cards | ||||
| Credit Card - SW | 0.00 | |||
| Total Credit Cards | 0.00 | |||
| Other Current Liabilities | ||||
| Accrued Expenses | 322,210.08 | |||
| Deposits/Earnest Money | 0.00 | |||
| Other Payables | 0.00 | |||
| Accrued Distributions | 0.00 | |||
| Investor Payable - Class A | ||||
| Digital Wallet Balance | 0.00 | |||
| Total Investor Payable - Class A | 0.00 | |||
| Due to Fund America | 0.00 | |||
| Due to Related Parties | 0.00 | |||
| Other Current Liabilities | 88,497.28 | |||
| Total Other Current Liabilities | 410,707.36 | |||
| Total Current Liabilities | 448,139.42 | |||
| Long-Term Liabilities | ||||
| Note Payable - AHPS | 3,243,948.22 | |||
| Due to AHP | 0.00 | |||
| Due to AHPS | 7,237.50 | |||
| Due to AHPC | 231,275.70 | |||
| Total Long-Term Liabilities | 3,482,461.42 | |||
| Total Liabilities | 3,930,600.84 | |||
| Equity | ||||
| Investor capital - Class M | 10,000.00 | |||
| Investor Capital - Class A | 39,664,962.65 | |||
| Investor Tax Withholding Accoun | (133,517.94 | ) | ||
| Retained Earnings | (394,343.73 | ) | ||
| Members Equity | (1,705,923.41 | ) | ||
| Investor Returns - Class A | (16,908,400.41 | ) | ||
| Investor Redemptions - Class A | (11,297,523.70 | ) | ||
| Net Income | 1,247,096.47 | |||
| Total Equity | 10,482,349.93 | |||
| TOTAL LIABILITIES AND EQUITY | $ | 14,412,950.77 |
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| 2015a PLUS LLC | ||||
| Profit and Loss | ||||
| January - June, 2022 | ||||
| Total | ||||
| Income | ||||
| Income - 2015A+ Sales Proceeds | $ | 2,025,274.64 | ||
| Income - 2015A+ Lease/ Rent Inc | 691.56 | |||
| Income - 2015A+ Payoff/Dispos | 487,347.93 | |||
| Late Charges | 1,293.82 | |||
| Income - HS Interest | 322,402.41 | |||
| Income - HS Other | 2,803.23 | |||
| Gain/Loss on Disposition - REO | 1,565,464.73 | |||
| Total Income | 4,405,278.32 | |||
| Cost of Goods Sold | ||||
| Expenses on Assets Sold | 421,705.53 | |||
| Acquisition Costs-Assets Sold | 1,557,100.69 | |||
| Total Cost of Goods Sold | 1,978,806.22 | |||
| Gross Profit | 2,426,472.10 | |||
| Expenses | ||||
| Loan Srvcng - HS | 214,120.75 | |||
| Fund America Fees | 5,842.50 | |||
| Bank Fees | 1,118.20 | |||
| Prof Fees- Legal | 90,000.00 | |||
| Prof Expenses - Accounting | 58,196.00 | |||
| Technology Fee | 16,676.03 | |||
| AHP Asset Management Fees | 141,545.85 | |||
| Professional Fees | 107,322.46 | |||
| Total Expenses | 634,821.79 | |||
| Net Operating Income | 1,791,650.31 | |||
| Other Income | ||||
| preREO Equity Income | (418,265.76 | ) | ||
| Total Other Income | (418,265.76 | ) | ||
| Other Expenses | ||||
| Other Expense | 0.08 | |||
| Interest Expense | 126,288.00 | |||
| Total Other Expenses | 126,288.08 | |||
| Net Other Income | (544,553.84 | ) | ||
| Net Income | $ | 1,247,096.47 | ||
C:
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Item 4: Exhibits
| Exhibit 1A | Operating Agreement of the Company* |
| Exhibit 1B | Investment Advisory and Management Services Agreement* |
| Exhibit 1C | Trust Agreement* |
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Signatures
Pursuant to the requirements of Regulation A, the issuer has duly caused this Semi-Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Chicago, State of Illinois, on September 30, 2022.
| AMERICAN HOMEOWNER PRESERVATION | |
| 2015A+, LLC | |
| By: /s/ Jorge Newbery___________________ | |
| Jorge Newbery, President & CEO |
Pursuant to the requirements of Regulation A, this report has been signed by the following persons on behalf of the issuer and in the capacities and on the dates indicated.
/s/ Jorge Newbery_______________________________
Jorge Newbery, Chief Financial Officer
/s/ Jorge Newbery_______________________________
Jorge Newbery, President and Chief Executive Officer
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| This ‘1-SA’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 9/30/22 | |||
| 8/2/22 | ||||
| For Period end: | 6/30/22 | |||
| 5/6/22 | ||||
| 1/1/22 | ||||
| 5/24/18 | ||||
| 5/25/16 | QUALIF | |||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/11/16 American Homeowner Pre… 2015A LLC 1-A/A¶ 5/10/16 6:1.3M Securex Filings/FA 4/26/16 American Homeowner Pre… 2015A LLC 1-A¶ 5:1.4M Securex Filings/FA 2/29/16 American Homeowner Pre… 2015A LLC DOS¶ 4/26/16 10:1.9M Securex Filings/FA |