ABOUT US

Firm Overview

To provide a tax advantaged investment opportunity for non-US residents, Steel Returns International has implemented a structure to coordinate with other “interlocking” entities necessary to comply with tax regulations.

Below is how an investor’s investment moves through the structure and a
description of the interlocking entities.

  1. Steel Returns International LTD.
    This is what is best described as a Pass Thru entity formed in Malta. This is where qualified non-US investors can buy “shares”.
  2. Diversified Partners LLC (US)
    This is the US “Blocker” that borrows money from Steel Returns International LTD. The Blocker in turn uses the borrowed funds to invest in Limited Partnership Interests in Steel Returns LP. The interest rate paid by Diversified Partners to Steel Returns International for the funds it borrows results in a 10% Preferred Return to the international investors.
  3. Steel Returns LP.” The Fund”
    This is the US Limited Partnership where Diversified Partners invests its borrowed funds to purchase Limited Partnership interests. Steel Returns LP is a debt fund that acquires automobile loan receivables.
  4. The General partner of The Fund is Steel Returns GP, LLC, a US entity. Steel Returns GP also serves as Manager of Steel Returns International and Diversified Partners. This interlocking management structure leverages the leadership teams experience and expertise. The executives managing Steel Returns GP LLC are the same executives that founded, own and run Steel Lending Group LLC,

To minimize risk and stay focused on fund performance, the General Partner has delegated the mechanics of the asset acquisition and loan servicing to Steel Lending Group LLC (“Steel Lending”).

Steel Lending purchases automobile loans, and in turn sells their receivables to Steel Returns LP. Loans purchased by Steel Lending are underwritten according to their proprietary system to maximize returns for Steel Returns LP investors. After purchase, Steel Lending performs all loan servicing, compliance, collections, and loss recovery, on behalf of the General Partner.

Steel Lending Group LLC was founded by Kevin Simrin and Kirk Simrin, who have decades of experience in the lending and automotive industry. The funds managed by Steel Returns GP LLC, along with Kevins’ other funds, which are backed by real estate, have assets under Management in excess of $150 million.

Kevin and Kirk recognized as the real estate market started experiencing more modest appreciation, that it was time to study, analyze and explore other asset classes for their lending platform. It became clear that the niche market of low loan amount, subprime automobile financing could provide.

Steel Returns Investment

Executive Team

Kevin Simrin - Founder & Chief Investment Officer
Kevin Simrin, CFM
Founder & Chief Investment Officer
Kevin is a serial entrepreneur. He has spent the last 30 years creating wealth in all aspects of the real estate and lending industries, including ownership of multiple RE/MAX franchises, title and escrow, and auto and real estate lending. After acquiring PacWest Funding in the late 1990’s, he transformed it into one of the premiere real estate private capital firms in the pacific northwest. Nearly a decade ago, he established the Precision Accredited Fund to provide a pooled investment vehicle. Now with four major funds, Kevin and his team have over $150 million under management.
Kirk Simrin - Founder & Chief Operating Officer
KIRK SIMRIN, CFM
Founder & Chief Operating Officer
Kirk has more than three decades of leadership in the transportation industry. After selling his profitable business, Kirk joined Kevin to take the thriving real estate private capital investment model to the automotive lending sector. Kirk is also a long-term investor. As Co-founder of Steel Lending Group LLC, Steel Returns’ General Partner, Kirk oversees both the Reg D and state-specific investment funds in the transportation  financing space.
Doug Drager - President steel returns
Doug Drager,
PRESIDENT
With nearly thirty years in the automotive lending industry, Doug leads the team of professionals who underwrite, service and protect the loan assets to ensure maximum return for investors’ capital. Prior to joining Steel Lending Group, Doug served in similar roles with Wells Fargo, Oregon Auto Finance and Reliable Credit Association. Doug received his MBA from the University of South Dakota.
Barb Thomas - Chief Strategist
Barb Thomas, CPLA
Chief Strategist
Barb brings a broad range of corporate experience from her more than forty five-year career. Drawing on her product portfolio management roles with Houghton Mifflin and Dun & Bradstreet, and data analysis support for big pharma and biotech companies, she works closely with the Co-founders to ensure the company maintains the technology and processes to remain competitive.
April Burleigh - Chief Financial Officer
April Burleigh,
Chief Financial Officer
Overseeing all accounting and financial reporting, April ensures the companies’ compliance with local, state and federal requirements for investment and lending. She has developed comprehensive systems for her team that support senior management in review and critical decision-making. April graduated from the University of Oregon.

The Mission of
Steel Returns L.P.

The goal of Steel Returns L.P. is to expand our lending platform throughout the Western United States, resulting in further diversification while remaining laser-focused on our target asset class. Not the biggest, or all things to all people, we do intend to grow the Fund using our demonstrated strategies and processes.

Our mission is to continue building our teams, systems, and technology to ensure that we can quickly pivot in the market as needed to expand our reach within our highly-focused business niche.