Originates and holds fixed-rate first- and second-lien mortgage loans secured by California real estate, preferably income-producing property in the San Francisco Bay Area and coastal Southern California. Loans are arranged and serviced by the external manager, Redwood Mortgage Corp. The program is fully invested rather than a blind pool, and earns income from note-rate interest less operating and financing costs, distributing available cash monthly to members while emphasizing capital preservation through conservative loan-to-value underwriting.