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 June 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, L.P., 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 92714
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
June 30, 1997
Part I - Financial Information
Item 1 - 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 - Financial Statements
Balance Sheets
Income Statements
Statements of Partner's Equity
Statements of Cash Flow
Notes to 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 being generated internally is sufficient to operate the
Partnership in the near future.
The capital accounts decreased since the year end December 31, 1996 by $1.18
to $6.30 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 has no plans to seek additional
investments other than those necessary to ulitmately liquidate real estate
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)
BALANCE SHEETS
(Unaudited)
ASSETS "Dec. 31, 1996" "June 30, 1997"
Cash "$26,124 " "$61,268 "
Loans receivable (Note 1) "552,018" "402,018"
Accounts receivable (Note 2) "18,979" "49,980"
Total Assets "597,121" "513,266"
LIABILITIES & PARTNER'S EQUITY
Liabilities
Due to general partner & affiliates "63,841" "63,841"
Total liabilities "63,841" "63,841"
Partner's equity "533,280" "449,425"
Total liabilities & partner's equity "$597,121" "$513,266 "
Book value per limited partner unit outstanding $7.48 $6.30
INCOME STATEMENTS
Unaudited for the Three and Six Months Ended
3 months 6 months 3 months 6 months
6/30/96 6/30/96 6/30/97 6/30/97
REVENUES:
Interest:
Loans 0 5751 "4,472" "8,847"
Investments 0 0 336 336
Other income 100 200 75 200
Total income 100 "5,951" "4,883" "9,383"
COSTS & EXPENSES:
Cost of loans 0 "5,485" "4,248" "8,405"
Real estate owned expenses 0 0 0 0
General & administrative costs "30,111" "30,441" "19,700" "84,833"
Total costs & expenses "30,111" "35,926" "23,948" "93,238"
NET INCOME (LOSS) "($30,011)" "($29,975)" "($19,065)" "($83,855)"
Net Income (loss) per
partnership unit outstanding ($0.42) ($0.42) ($0.27) ($1.18)
Partnership units outstanding "71,307" "71,307" "71,307" "71,307"
"THE MORTGAGE BANCFUND OF AMERICA II, L.P."
(a California Limited Partnership)
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 "-4,193" "-79,662" "-83,855"
"Balance, June 30, 1997" "($177,363)" "$626,788 " "$449,425 "
STATEMENTS OF CASH FLOW
Unaudited For the Six Months Ended
CASH FLOWS FROM OPERATING ACTIVITIES: "June 30, 1996" "June 30, 1997"
Net income (loss) "($30,011)" "($83,855)"
Loss on Disposal of Assets 0
Adjustments to reconcile net income to cash
provided by operating activities:
Decrease(increase) in accrued interest receivable 0 0
(Decrease) increase in accounts payable "-5,080" 0
(Increase) decrease in accounts receivable 25 "-31,001"
Increase(decrease) in other liabilities "5,081" 0
(Decrease) increase in due to general partner & affiliate 0 0
NET CASH (USED) BY OPERATING ACTIVITIES "-29,985" "-114,856"
CASH FLOW FROM INVESTING ACTIVITIES:
Net change in loans receivable "30,000" "150,000"
NET CASH PROVIDED IN INVESTING ACTIVITIES "30,000" "150,000"
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase(Decrease) in notes payable 0 0
NET CASH PROVIDED BY FINANCING ACTIVITIES 0 0
NET INCREASE(DECREASE) IN CASH "-29,985" "35,144"
"CASH, Beginning of period" 228 "26,124"
"CASH, End of Period" "($29,757)" "$61,268 "
"THE MORTGAGE BANCFUND OF AMERICA II, L.P."
(a California Limited Partnership)
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note 1 - Loans Receivable
Loans receivable 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 estimated net realizable value.
Note 2 - Accounts Receivable
"This account represents funds owed to the Partnership from affiliate
partnerships, and projects which were"
acquired through foreclosure.
Accounting Policy
All adjustments made to the financial statements are of a normal recurring
nature necessary to present fairly
the financial condition of the Partnership.
