-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G9k3ByQ7CaL8YXhwAJBorYWksAbzTLyeXFCApn3CaBklmxdlH8BnJXGnh3/Hxpzo NzLIARQYhe8HnbQLxD4XNw== 0000849901-97-000012.txt : 19971205 0000849901-97-000012.hdr.sgml : 19971205 ACCESSION NUMBER: 0000849901-97-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971204 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MORTGAGE BANCFUND OF AMERICA II L P CENTRAL INDEX KEY: 0000849901 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 330369950 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 000-19199 FILM NUMBER: 97732603 BUSINESS ADDRESS: STREET 1: 2 CORPORATE PARK STE 106 CITY: IRVINE STATE: CA ZIP: 92714 BUSINESS PHONE: 7142532900 MAIL ADDRESS: STREET 1: 2 CORPORATE PARK STREET 2: SUITE 106 CITY: IRVINE STATE: CA ZIP: 92606-5128 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 10-Q (Mark One) [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 33-28491 THE MORTGAGE BANCFUND OF AMERICA II, a California Limited Partnership (EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER) California 33-0369995 STATE OR OTHER JURISDICTION OF INCORPORATION IRS EMPLOYER IDENTIFICATION NUMBER 2 Corporate Park, Ste. 106, Irvine, CA 92606 ADDRESS OF PRINCIPAL EXECUTIVE OFFICES(ZIP CODE) (714) 253-2900 REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE N/A FORMER NAME, FORMER ADDRESS AND FORMER FISCAL YEAR, IF CHANGED SINCE LAST REPORT Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO_______ APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. N/A YES NO_______ APPLICABLE ONLY CORPORATE ISSUERS: Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. N/A MORTGAGE BANCFUND OF AMERICA II,L.P. (a California Limited Partnership) Index to Form 10-Q September 30, 1997 Part I - Financial Information Item 1 - Consolidated Financial Statements Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Part II - Other Information Item 1 - Legal Proceedings Item 2 - Changes in Securities Item 3 - Defaults Upon Senior Securities Item 4 - Submission of Matters to a Vote of Security Holders Item 5 - Other Information Item 6 - Exhibits and Reports on Form 8-K Signatures MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) Part I - Financial Information Item 1 - Consolidated Financial Statements Consolidated Balance Sheets Consolidated Income Statements Consolidated Statements of Partner's Equity Consolidated Statements of Cash Flow Notes to Consolidated Financial Statements See attached exhibit MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations Liquidity and Capital Resources: Liquidity for the Partnership remains a pressing concern for management. All cash needed for operations is being generated through operations of foreclosed properties and from the sale of those properties. Management has no plans to seek additional sources of capital from outside sources either in the form of debt or equity. However, management is confident cash generated from operations is sufficient to operate the Partnership in the future. The capital accounts have decreases since the year end December 31, 1996 by $1.54 to $5.94 per limited partnership unit outstanding, an overall decline in book value of almost 100% since inception of the partnership. Results of Operations: There are no substantial changes in any of the accounts since December 31, 1996. Operations are very limited as management is seeking to market the foreclosed real estate and to collect the remaining loans on the Partnership books. Management will continue to strive to effectively sell foreclosed properties although the sagging California economy remains a formidable obstacle to that goal. Management is not seeking any additional investments other than any required to ultimately liquidate property acquired through foreclosure. MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) Part II - Other Information Item 1 - Legal Proceedings None. Item 2 - Changes in Securities None. Item 3 - Defaults Upon Senior Securities N/A Item 4 - Submission of Matters to a Vote of Security Holders None. Item 5 - Other Information None. Item 6 - Exhibits and Reports on Form 8-K None. MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) Registrant ________________________________ _________________________ Robert Y. Strom, General Partner Date THE MORTGAGE BANCFUND OF AMERICA II, L.P. (a California Limited Partnership) CONSOLIDATED BALANCE SHEETS (Unaudited) ASSETS Dec. 31, 1996 Sept 30,1997 Cash $ 26,124 60,116 Escrow Deposit 0 100,000 Loans receivable (Note 1) 552,018 262,018 Accounts receivable (Note 2) 18,979 64,980 Total Assets $ 597,121 487,114 LIABILITIES & PARTNER'S EQUITY Liabilities Due to affiliates 63,841 63,841 Total liabilities 63,841 63,841 Partner's equity 533,280 423,273 Total liabilities & partner's equity $ 597,121 487,114 Book value per limited partner unit outstanding $ 7.48 $ 5.94 CONSOLIDATED INCOME STATEMENTS For the Three and Nine Months Ended 9/30/96 9/30/96 9/30/97 9/30/97 Three Months Nine Months Three Months Nine Months REVENUES: Interest: Loans 2,261 8,012 4,472 13,319 Investments 372 709 Other income 275 475 75 275 Total income 2,536 8,487 4,920 14,303 COSTS & EXPENSES: Costs of loans 2,124 7,610 4,248 12,653 Real estate owned expenses 0 0 0 0 General & administrative costs 9,593 40,034 26,824 111,658 Total costs & expenses 11,718 47,644 31,072 124,311 NET LOSS (9,182) (39,157) (26,152) (110,008) Net loss per partnership unit (0.13) (0.55) (0.37) (1.54) outstanding Partnership units outstanding 71,307 71,307 71,307 71,307 THE MORTGAGE BANCFUND OF AMERICA II, L.P. (a California LImited Partnership) CONSOLIDATED STATEMENTS OF PARTNER'S EQUITY (Unaudited) General Limited Partner Partner Total Balance, December 31, 1995 $ (169,656) $ 773,214 $ 603,558 Allocation of net loss (3,514) (66,764) (70,278) Balance, December 31, 1996 (173,170) (706,450) (533,280) Allocation of net loss (5,500) (104,508) (110,008) Balance, September 30, 1997 $ (178,670) $ 601,942 $ 423,272 CONSOLIDATED STATEMENTS OF CASH FLOW For the Nine Months Ended CASH FLOWS FROM OPERATING ACTIVITIES: 9/30/96 9/30/97 Net (loss) $ (39,157) $ (110,008) Adjustments to reconcile net income to cash provided by operating activities: (Decrease) increase in accrued int. receivable 8,683 0 (Decrease) increase in accounts payable (8,658) 0 (Increase) in accounts receivable 1,132 (46,000) (Decrease) increase in due to general partne 28,462 0 (Increase) decrease in other liabilities 0 0 NET CASH PROVIDED (USED) BY OPERATING ACTIVITI (9,539) (156,008) CASH FLOW FROM INVESTING ACTIVITIES: Net change in loans receivable 9,375 290,000 Escrow Deposit (100,000) NET CASH PROVIDED (USED) BY FINANCING ACTIVITI 0 190,000 CASH FLOWS FROM FINANCING Activities Increase(Decrease) in notes payable 0 0 NET CASH PROVIDED (USED) BY FINANCING ACTIVITI 0 0 NET INCREASE(DECREASE) IN CASH (164) 33,992 CASH, Beginning of period 167 26,124 CASH, End of Period $ 3 60,116 THE MORTGAGE BANCFUND OF AMERICA II, L.P. (a California LImited Partnership) NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 1 - Loans Receivable Loans recievable are carried at the unpaid principal balance net of unearned loan fees. Points and other loan fees are deferred over the life of the loan. In management's opinion the book value of these loans is equal to the esimtated net realizable value. Note 2 - Accounts Receivable This account represents funds owed to the Partnership from affiliate partnerships, and projects which were acquired thorugh foreclosure. Note 3 - Accounting Policy The consolidated financial statements include the accounts of the Partnership and majority-controlled limited partnerships. All material intercompany transactions, profits, and balances have been eliminated. All adjustments made to the financial statements are of a normal recurring nature necessary to present fairly the financial condition of the Partnership. -----END PRIVACY-ENHANCED MESSAGE-----