NPIF Records 19.27% Annual Return

NPIF Records 19.27% Annual Return Monday, January 28, 2013 The New Providence Income Fund (NPIF) is reporting a 19.27 percent return for the year after targeting an effective mix of commercial, residential and industrial loan assets. Launched in February 2012, Sterling Financial Group’s latest offering has also appointed Mike Harris, a well-known Canadian consultant and former politician, to NPIF’s board of directors. The fund’s annual report recorded a 1.01 percent return for the month of December. Fund investors are being paid out an interim dividend of around 12.27 percent per annum compounded return, which is supplemental to the seven percent per annum preferred return paid out as quarterly dividend. The report noted that annualized returns are based on an investor that had contributed capital into the fund at inception and reinvested all dividend distribution payments. “In December, we had another strong month closing out the year well above the target rate of return for the fund. In 2013, we expect to continue to grow the fund as we see an excellent pipeline of loan opportunities,” said David Kosoy, chairman and CEO of Sterling Financial Group. Kosoy also acknowledged the appointment of Harris to the board of directors. Harris is perhaps best known for serving as premier of Ontario for two consecutive terms, beginning in 1995 until 2002. He later established Steane Consulting Limited and advised a number of Canadian firms. He holds various public board directorships in Canada, including Chartwell Seniors Housing REIT, Canaccord Financial, Element Financial, FirstService Corporation and Route1. Kosoy said that NPIF has benefited from a general lack of liquidity in the market and the “highly restrictive lending practices exhibited by lending institutions”. “We are very pleased with the quality and volume of opportunities we are currently working on, and we expect the number of loan applications to continue to increase and generate profits for the funds from the loans sector in the U.S., Canada, The Bahamas, the Turks and Caicos Islands and the UK.” Sterling Financial Group, located in Nassau, is the fund’s promoter, loan underwriter and loan servicer. The group supports NPIF’s operational, risk management and regulatory requirements. By Jeffrey Todd The Nassau GuardianPublished: January 28, 2013