Aspen Passive Income Fund - Secured by Real Estate

Aspen Passive Income Fund




Aspen Income Fund is a residential mortgage fund designed to provide current income for investors. This secured real estate Income Fund purchases and owns a diversified portfolio of income-producing mortgages, purchased at a discount, to produce above market returns. The Fund is secured by residential real estate across the United States.

A key challenge for many investors is finding a passive investment that generates income. Our Fund is completely passive and pays investors in cash on a monthly basis, filling this gap in income investments.

How Does The Income Fund Work ?

When we purchase a mortgage, we essentially become the bank. So, very simply,
our fund work as follow:


We receive monthly mortgage payments
from our borrowers


We receive profits for
borrower payoffs from refinances or sales


We pay our investors a
preferred return

Read our Mortgage Note Case Study to see how this process works with an actual mortgage note owned by this fund.


High Current Yield

Preferred returns are 9%
cash, paid monthly


Fund is lienholder of
residential mortgages

Low Leverage

Expected yields can be earned
with minimal leverage


The Fund pays a 9% annualized preferred return on a monthly basis
after 3 months. Since inception, the Fund hasn't missed a preferred
return payment to investors for 40 consecutive quarters.

Our Fund also allows reinvestment and quarterly compounding.
On an investment of $100,000, see projected growth over a...


Five Years Return

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Ten Years Return

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Project Your Returns

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9% Annual Compounded Return

The graph here is for illustrative purposes only, showing all preferred returns being reinvested on a quarterly
basis. Performance is not guaranteed. Past performance is not necessarily indicative of future results.


This Fund has been operating for 10 years and has an
existing, well diversified portfolio of notes. This Fund is
secured by real estate and owns notes in more than 40
states across the U.S. with an emphasis on Midwest
markets. This Fund only purchases performing notes to
create consistent monthly income. These notes are
generally purchased at significant discounts which
provides additional capital protection.

Aspen is highly selective in the notes it acquires for this
Fund, purchasing only a small percentage of what they
evaluate. Prior to purchase, every note is individually
underwritten using a proprietary model. Aspen
purchases three types of notes: loan modifications, as-
set-based hard money loans, and seller-financed notes.

The Fund purchases both long-term and short-term notes.
The Fund's strategy is two fold:

Buy & hold cash-flowing, deeply discounted,
long-term first and second mortgages for
yield and capital gains.

Purchase or originate cash flowing, short-term,
hard money loans for yield and liquidity. Excess
cash is continually reinvested into new assets.

Our Track Record by the Numbers


Investor Capital Managed


Assets Under Management


Years Track Record


Investor Distributions Since Inception

Frequently Asked Questions

The minimum investment in Aspen Income Fund is $50,000.

The initial lock-up period for this fund is 1 year. After 1-year we provide best-efforts liquidity and allow investors the option to redeem their shares on a quarterly basis with 90 days written notice.

Yes, this fund is open-ended, also known as an evergreen fund. We calculate Net Asset Value (NAV) on a quarterly basis and allow investors to subscribe and redeem at the current share price.

On a monthly basis, investors receive their preferred return. Quarterly, we provide capital account statements, investor newsletters, and financial statements. We also always welcome calls from our investors.

If you invest, you become a part owner of the fund versus a specific note. Therefore, your capital is diversified across all the notes in the portfolio.

Yes, our funds currently only allow accredited investors.

Yes, our funds allow investment through qualified retirement money. This must be done through a self-directed IRA or 401K. If you don’t yet have a self-directed account, we can make introductions to several custodians that we have worked with. Additionally, our funds do not generate Unrelated Business Income Tax (UBIT).

An individual or an entity can generally qualify as an accredited investor if they meet at least one of the following criteria:

  • an individual with income exceeding $200,000 or joint income with his or her spouse of at least $300,000, in each of the last two years with the expectation to reasonably maintain the same level of income in the present year
  • an individual with a net worth exceeding $1 million, excluding the primary residence, either individually or jointly with his or her spouse;
  • an entity that has assets exceeding $5 million that was not formed solely for the purpose of making the investment; or
  • an entity whose owners all satisfy 1, 2, or 3 above.

For more information about the requirements of an accredited investor, see this bulletin from the SEC.


I am a CPA and also the Executive Director of Northen Michigan Angel investment group. I have reviewed many investments, and it is a pleasure to see one like Aspen, with its outstanding business model and professional execution with timely updates on its progress.

-Dave & Deanna

I am a healthcare marketing executive. I have known Bob Fraser for over 10 years and hold him in the highest regard, and I have been with Aspen from the beginning. I couldn’t be more pleased – the dividends and statements come on time, and the team is always responsive and helpful. I feel like my money is in good hands.


I am a business guy from Canada who owns different companies, one with 500 employees. I like to find great opportunities. I have been with Aspen for about four years. I look for people who have very good business experience and that I can trust. Aspen has provided that for me.


I'm an accounting professor and real estate investor. In the past, I have not had much free time to oversee my portfolio. In early 2014, Bob Fraser contacted me to tell me about Aspen. I am impressed with the Aspen team. I will be investing more funds with Aspen as I liquidate my real estate investments.



The Aspen Income Fund Deep Dive webinar covers many topics about the Aspen Income Fund in great detail, including:

How to generate consistent income

Real examples of real estate notes and how they work

How private investments compare to other asset classes

The keys to conservatively underwriting these assets

Why it's better to be the bank

About Aspen's historical track record


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