UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-QSB

                Quarterly Report Under Section 13 or 15(d) of the
                         Securities Exchange Act of 1934

                  For the quarterly period ended: March 31, 2007

                         Commission File No. 333-118092


                          DEL MAR INCOME PARTNERS, LTD.
                          -----------------------------
        (Exact name of registrant as specified in governing instruments)


                                    MARYLAND
                                    --------
         (State or other jurisdiction of incorporation or organization)

                                   20-0478900
                                   ----------
                      (I.R.S. Employer Identification No.)

                         222 Milwaukee Street, Suite 304
                             Denver, Colorado 80206
                                  303-329-3479
                                  ------------
               (Address, including zip code, and telephone number
                         of principal executive offices)


Check whether the issuer (1) filed all report required to be filed within
Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days:
                                                                  [X] Yes [ ] No

State the number of shares outstanding of each of the issuer's classes of common
equity, as of the latest practicable date:

We had 201,662 shares of our common stock outstanding as of April 30, 2007.

Transitional Small Business Disclosure Format (check one):     [ ] Yes   [X] No



<PAGE>





                          DEL MAR INCOME PARTNERS, LTD.

                                      INDEX


                         PART I -- FINANCIAL INFORMATION

Item 1.  Financial Statements                                                 1

Balance Sheets - March 31, 2007 (unaudited) and December 31, 2006             2

Statements of Operations -  for the three months ended March 31, 2007
  and 2006 (unaudited)                                                        3

Statements of Cash Flows - for the three months ended March 31, 2007
  and 2006 (unaudited)                                                        4

Notes to Financial Statements (unaudited) - March 31, 2007                    5

Item 2.  Management's Discussion and Analysis of Financial Condition
  and Results of Operations                                                   7

Item 3.  Controls and Procedures                                             11

                            PART II OTHER INFORMATION

Item 1.  Legal Proceedings                                                   12

Item 6.  Exhibits                                                            12

SIGNATURES                                                                   13



<PAGE>


PART I --  FINANCIAL INFORMATION
<TABLE>
<CAPTION>

Item 1.  Financial Statements

                          DEL MAR INCOME PARTNERS, LTD.
                                 BALANCE SHEETS

                                     ASSETS

                                                             March 31,   December 31,
                                                               2007         2006
                                                            (Unaudited) (See Note 1)
                                                             ---------    ----------
<S>                                                          <C>          <C>
Current assets:
   Cash and cash equivalents                                 $  87,346    $  103,073
   Accrued interest receivable                                   1,773         3,727
   Prepaid management fees                                         842         1,154
   Notes receivable, current                                    99,386       225,621
                                                             ---------    ----------

         Total current assets                                  189,347       333,575

Notes receivable, non-current                                  338,230       194,285
Real estate held for sale                                      195,496       195,496
                                                             ---------    ----------

          Total assets                                       $ 723,073    $  723,356
                                                             =========    ==========

                      LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities


   Accounts payable                                          $   6,865    $   20,979
   Accrued expenses                                              9,319         6,000
   Accounts payable, related parties                            74,101        45,522
   Deferred income                                                 842         7,215
                                                             ---------    ----------

          Total liabilities (all current)                       91,127        79,716

Shareholders' equity (Note 4):
   Common stock, $0.001 par value; authorized 25,000,000
    shares; 201,662 shares issued and outstanding                  202           202
   Additional paid-in capital                                  836,842       836,842
   Accumulated (deficit)                                      (205,098)     (193,404)
                                                             ---------    ----------

          Total shareholders' equity                           631,946       643,640
                                                             ---------    ----------

          Total liabilities and shareholders' equity         $ 723,073    $  723,356
                                                             =========    ==========
</TABLE>

    The accompanying notes are an integral part of these financial statements.



                                        1
<PAGE>


                          DEL MAR INCOME PARTNERS, LTD.
                            STATEMENTS OF OPERATIONS
                                   (Unaudited)

                                                For the three     For the three
                                                months ended       months ended
                                                  March 31,          March 31,
                                                    2007               2006
                                                -------------     -------------
Income:
   Interest income                              $      25,632      $     10,011
   Origination fee                                      6,373             4,704
   Other income                                           274             2,165
                                                -------------     -------------

                                                       32,279            16,880
                                                -------------     -------------
Expenses:
   Legal and accounting                                 9,306             5,000
   Professional fees                                      135             2,190
   Management fees                                     16,606             6,964
   Other                                                  424               356
                                                -------------     -------------

                                                       26,471            14,510
                                                -------------     -------------

Income from continuing operations               $       5,808     $       2,370
                                                -------------     -------------
Discontinued Operations:
    (Loss) from discontinued operations         $     (17,502)    $           -
                                                -------------     -------------

Net income (loss)                               $     (11,694)    $       2,370
                                                =============     =============
Net income (loss) per share:
   Continued operations                                  0.03              0.01
   Discontinued operations                              (0.09)             0.00
                                                -------------     -------------
                                                $       (0.06)     $       0.01
                                                =============     =============

Weighted average shares of common
   common stock outstanding                     $     201,662     $     201,662
                                                =============     =============



    The accompanying notes are an integral part of these financial statements.

                                        2

<PAGE>
<TABLE>
<CAPTION>


                          DEL MAR INCOME PARTNERS, LTD.
                            STATEMENTS OF CASH FLOWS
                                   (Unadited)

                                                   For the three  For the three
                                                    months ended   months ended
                                                      March 31,      March 31,
                                                        2007           2006
                                                    ------------   ------------
<S>                                                 <C>            <C>
Cash Flows From (Used in):
Operating Activities of Continued Operations:
     Net income (loss)                              $    (11,694)  $      2,370
     Less: Income (loss) from discontinued
           Operations                                     17,502             --
                                                    ------------    -----------
Net Income (loss) from Continuing operations               5,808          2,370
Adjustments to reconcile net income (loss) from
continuing operations to net cash used in
operating activities of continuing operations:
      Decrease in accrued interest receivable              1,954          2,252
     (Increase) in deferred offering costs                    --        (28,300)
     (Increase)decrease in prepaid expenses                  312         (3,465)
      Increase(Decrease) in accounts payable              17,784         (3,728)
      Increase(Decrease) in deferred income               (6,373)         3,296
                                                    ------------   ------------
Net Cash provided by (used in) operating activities
 of continuing operations                                 19,485        (27,575)
                                                    ------------   ------------
Cash flow from (Used in):
Investing activities of Continuing Operations:
  Repayments of notes receivable                          (17,710)       (14,192)
                                                    ------------   ------------
Net cash (used in) investing activities of
 continuing operations                                   (17,710)       (14,192)
                                                    ------------   ------------
Net Cash (used in) financing activities of
 Continuing operations                                        --             --
                                                    ------------   ------------
Discontinued operations:
  Investing Activities of Discontinued Operations        (17,502)            --
                                                    ------------   ------------
Net Cash provided by (used in) discontinued
 Operations                                              (17,502)           --

Net (Decrease) in cash and cash equivalents              (15,727)       (41,767)
  Cash at beginning of period                            103,073        252,058
                                                    ------------   ------------

  Cash at end of period                             $     87,346   $    210,291
                                                    ============   ============

  Interest paid                                     $         --   $         --
                                                    ============   ============

  Income taxes paid                                 $         --   $         --
                                                    ============   ============
</TABLE>


   The accompanying notes are an integral part of these financial statements.

                                        4

<PAGE>

                          DEL MAR INCOME PARTNERS, INC.
                          NOTES TO FINANCIAL STATEMENTS

                                 March 31, 2007
                                   (UNAUDITED)


1.  Unaudited Statements

   The Balance Sheet as of March 31, 2007, the Statements of Operations and the
   Statements of Cash Flows for the three month period ended March 31, 2007 and
   2006, have been prepared by the company without audit. In the opinion of
   management, all adjustments (which include only normal recurring adjustments)
   necessary to present fairly the financial position, results of operations,
   and changes in financial position at March 31, 2007, and for all periods
   presented, have been made.

   It is suggested that these statements be read in conjunction with the
   Company's audited financial statements and the accompanying notes for the
   year ended December 31, 2006, included in the Company's annual report on Form
   10-KSB, filed with the Securities and Exchange Commission.

2.  Notes Receivable

   As of March 31, 2007, the Company had notes receivable totaling $437,616. A
   summary of mortgage loans outstanding is as follows:
<TABLE>
<CAPTION>

                                                                                       Principal  Interest   Interest
                                                                                       Amount of  Income     Income
                                Final                                       Carrying   Loan       Included   Excluded
                                Maturity     Periodic            Face       Amount of  Subject    in Net     from Net
                     Interest      Date      Payment    Prior    Amount of   Mortgage  to         Income     Income
Description          Rate                     Terms      Liens    Mortgage             Delinquent for Three  for Three
                                                                                       Principal  Months     Months
                                                                                       or          3/31/07    3/31/07
                                                                                        Interest
<S>                  <C>        <C>   <C>                           <C>        <C>       <C>          <C>       <C>
Note secured by a
commercial loan 1st  Prime                   Monthly
deed of trust        plus                   interest
                     8.875%     02/01/06    payments       None     135,000    135,500   135,500      20,000    24,390

Note secured by a    Prime                   Monthly
commercial loan 1st  plus                    interest
deed of trust        8.875%     02/01/07     payments       None    135,000    133,265    133,265       -145          -

                                           One payment
Unsecured note       Prime                     plus
                     plus                    accrued
                     8.875%     02/01/07    interest        None      7,745      7,745      7,745          -         -

Note secured by a                            Monthly
mortgage loan 1st                           principal
deed of trust                                  and
                     9.785%                  interest
                                09/01/08      pymts         None     62,313     62,107       None      1,515          -
Note secured by a
mortgage loan 1st    Prime                   Monthly
deed of trust        plus                    interest
                     6.625%     05/01/07     payments       None     99,000     99,000       None      3,681          -

       Total                                                       $439,058   $437,616   $276,510    $25,051   $ 24,390
</TABLE>

<PAGE>
     In addition to the $25,051 interest income received on notes receivable,
     the Company also received $581 interest income from its interest bearing
     bank accounts, totaling $25,632 interest income for the three months ended
     March 31, 2007.

     The Company's notes receivable balance of $135,500, 133,265 and $7,745 are
     currently in default. Management believes that these loans are not impaired
     due to the collateral received, and therefore, no impairment has been
     recognized. (See Note 5)

     The Company's notes receivable balances of $62,107 and $99,000 are current
     and management believes that the collateral is sufficient for the balances
     receivable.

3.  Origination Fee Income

     Origination fees are being amortized over the life of the loans. As of
     March 31, 2007, the Company had deferred income totaling $842 and
     recognized $6,373 in origination fee income during the three months ended
     March 31, 2007. Also at March 31, 2007, the Company had prepaid management
     fees of $842 related to the origination fees.


4.   Litigation

     During the year ended December 31, 2006, the Company was named as defendant
     in a lawsuit relating to its note receivable in the current amount of
     $135,500. Management believes that this lawsuit will not result in any
     impairment of collateral or the mortgage position in the property. The
     title insurance company is defending the lawsuit. As management does not
     believe that there is any financial exposure to the principal balance due,
     no liability has been recorded relating to this matter at March 31, 2007.





                                        6

<PAGE>








Item 2.  Management's Discussion and Analysis of Financial Condition and
         Results of Operations

Introduction

We were organized in November 2003. We made nine sets of mortgage loans through
March 31, 2007. Our first set of four loans was made in May 2004 and consisted
of four loans, each of which was secured by a first mortgage on a single-family
residence located in St. Joseph, Missouri. The loans were not paid when due, and
in January 2006 the borrowers conveyed the properties to us in lieu of
foreclosure. We agreed not to make further claims against the borrowers. As of
September 30, 2006, we have sold two of the properties and are attempting to
sell the remaining two properties. The borrowers have provided us with copies of
appraisals dated April 11, 2005, which were prepared by a local appraiser in
connection with the borrowers' efforts to refinance the loan. The appraiser has
estimated the aggregate market value of the four houses to be $270,000, which is
greater than the $221,112 principal amount of the loan.
However, there is no assurance that the properties can be resold for the
appraised value and any sale will involve commissions and other expenses of
sale. We set up an allowance of $50,900 on our balance sheet at December 31,
2005 to cover anticipated holding and selling costs. The allowance consists of
the following estimated amounts: $4,000 for insurance costs; $2,000 for property
taxes; $24,900 for closing costs of sale, including brokerage commissions and
title work; $6,000 for legal fees; $6,000 for maintenance; and $8,000 for
holding and miscellaneous costs.

In July 2006, two of the St. Joseph, Missouri properties were sold. In the case
of one of the sales, we carried back the loan. The promissory note provides for
interest at 9.875% for two years with a balloon payment of all principal and
accrued interest due on September 1, 2008. This loan is current. The original
principal balance of the loan was $62,313 and as of March 31, 2007 the principal
balance due is $62,107.

In December 2004, we made two other loans. One loan for $62,000 was secured by a
first mortgage on a single-family residence located in Carrier, Mississippi. The
other loan was for $35,000 and was secured by a first mortgage on a
single-family residence located in Milwaukee, Wisconsin. The promissory notes
for both loans provided for interest equal to the prime rate as published in The
Wall Street Journal plus 9.875%, but not less than 14.875%. Payments of interest
only were due monthly on the Wisconsin loan and payments of interest and $500 of
principal were due monthly on the Mississippi loan. Both notes provided for
maturity in December 2005. Installment payments due on both loans were made as
required in January, February and March 2005. However, no monthly payments were
received on the Mississippi loan after March 2005 due to problems between the
co-borrowers. As a result of Hurricane Katrina, the Mississippi property
suffered some damage. The damage to the property was not extensive, the
borrowers sold the property, and they paid the loan in full in November 2005.
The Wisconsin loan was paid in full in July 2005.



                                        7
<PAGE>

In May 2005, we made a loan for $70,000, which was secured by a first mortgage
on a single-family residence located in McCord Ville, Indiana. The promissory
note for this loan provided for interest equal to the prime rate as published in
The Wall Street Journal plus 7.875%, but not less than 13.875%. Payments of
interest and $1,000 of principal were due monthly until the maturity on November
1, 2005. This loan was paid in full in October 2005.

We made two loans in August 2005. Each of the two loans is in the principal
amount of $135,000, and provides for interest at prime plus 8.875%, but not less
than 14%. The loan that is secured by property in Elkhart, Indiana provides for
monthly payments of interest and $1,500 of principal and is due August 1, 2006.
This loan is currently in default and the property is the subject of litigation.
We plan to commence foreclosure proceedings. The loan that is secured by
property in Asheboro, North Carolina provides for monthly payments of interest
only with a balloon payment of all principal and accrued interest due on
September 1, 2006. This loan has been extended for six months to February 1,
2007. Payments are $2,500.00 per month, applied first to interest and remaining
amount to principal. This loan is currently in default and we have commenced
foreclosure proceedings.

In April 2006, we made a loan for $110,000, which is secured by a first mortgage
on a restaurant located in Leadville, Colorado. The promissory note for this
loan provides for interest equal to the prime rate as published in The Wall
Street Journal plus 6.125%, but not less than 13.875%. Payments are $2,000
monthly and represent interest at the applicable rate, with the remaining
applied towards principal until maturity on May 1, 2007. In December, 2006, this
loan was in default and the borrower executed a Deed in lieu of Foreclosure.

In November, 2007, we made a loan for $99,000, which is secured by a first
mortgage on a Single-family home located in Slidell, Louisiana. The promissory
note for this loan provides for interest equal to the prime rate as published in
The Wall Street Journal plus 6.625%, but not less than 14.875%. Payments of
interest only are due monthly until maturity on May 1, 2007.

Our Manager, Port Funding, will conduct our day-to-day operations pursuant to a
management agreement. Port Funding will be responsible for expenses of
operations, including rent and salaries. We will be responsible for expenses
related to operation as a separate publicly-held corporation, including the
legal and accounting expense incurred in connection with the filing of periodic
reports with the SEC pursuant to the Exchange Act and expenses associated with
qualifying and maintaining REIT status and stockholder matters, including
transfer agent fees and expenses.


Comparison of the Three Month Periods Ended March 31, 2007 and March 31, 2006.
--------------------------------------------------------------------------------

Income for the three months ended March 31, 2007 totaled $32,279, a $15,399 or
91% percent increase over the comparable period in 2006. Income primarily
consisted of interest income for the period ended March 31, 2007 and 2006.
Expenses for the three months ended March 31, 2007 totaled $26,471, a $11,961 or
82% increase over the comparable period in 2006.


                                        8
<PAGE>

Liquidity and Capital Resources
-------------------------------

At March 31, 2007, we had current assets of $189,347 and current liabilities of
$91,127, resulting in working capital of $98,220.

We have no long-term debt. Because our Manager, Port Funding, will be
responsible for our operating expenses, including expenses relating to servicing
our mortgage loans, we believe that our current working capital will be
sufficient to satisfy our other cash requirements for the next 12 months. Port
Funding will receive compensation solely from amounts received from our
borrowers. We have a management agreement with Port Funding that provides that
origination fees up to 8% of the loan balance and 50% of the excess will be paid
to Port Funding. We will also pay Port Funding a fee of 50% of the interest
received on our loans in excess of the prime rate (as adjusted from time to
time) plus 500 basis points. Port Funding will also receive 50% of all default
interest, penalties, net foreclosure proceeds and equity participations. Any
amounts that Port Funding receives from our borrowers decreases the amount that
we will receive from our borrowers.

In August 2004, we completed a private placement of our common stock at $6.25
per share. The price per share was determined arbitrarily by our Board and does
not necessarily have any relationship to our book value, operating results or
any recognized standard of value. We did not obtain a contemporaneous valuation
by an unrelated valuation specialist in connection with our private placement at
$6.25 per share.

Critical Accounting Policies
----------------------------

Notes Receivable
----------------

We account for notes receivable at origination as held in our portfolio and
carry the notes at the lower of aggregate cost or market value. Due to our high
risk lending activities, interest is accrued monthly on notes receivable as
earned. Interest is reversed if a loan becomes past due 59 days or more and
subsequently recognized on a cash basis if and when remitted by the borrower. We
will maintain a valuation account for certain loans that are in default, have
significant collateral deficiencies or have other attributes that reduce their
collectibility potential. The valuation account is netted against notes
receivable.


                                        9
<PAGE>
Revenue Recognition
-------------------

Loan origination fees and other lender fees received by us are deferred and
recognized as income over the life of the loan. Interest is accrued monthly on
notes receivable as earned. Interest is reversed if a loan becomes past due 59
days or more and subsequently recognized on a cash basis if and when remitted by
the borrower.

Fair Value of Financial Instruments
-----------------------------------

Our financial instruments include cash and cash equivalents. Book value of these
financial instruments is representative of their fair value.

Income Taxes
------------

We record deferred taxes in accordance with Statement of Financial Accounting
Standards (SFAS) 109, "Accounting for Income Taxes." The statement requires
recognition of deferred tax assets and liabilities for temporary differences
between the tax bases of assets and liabilities and the amounts at which they
are carried in the financial statements, the effect of net operating losses,
based upon the enacted tax rates in effect for the year in which the differences
are expected to reverse. A valuation allowance is established when necessary to
reduce deferred tax assets to the amount expected to be realized.

Concentration of Credit Risk
----------------------------

Financial instruments, which potentially subject us to concentrations of credit
risks, consist primarily of cash and cash equivalents and notes receivable.

Our material concentration of credit risk consists principally of investments in
mortgage loans. Our investments in mortgage loans are collateralized principally
by first deeds of trust on real estate. At March 31, 2007, we had four mortgage
loans receivable from four individuals totaling approximately
$437,616. As of March 31, 2007, the $135,000 North Carolina note and the
$135,500 South Bend, Indiana note are in default. The weighted average interest
rate on mortgagee notes receivable is approximately 10.5% per annum.

Other financial instruments that potentially subject us to concentrations of
credit risk consist principally of cash and cash equivalents. At December 31,
2006 and March 31, 2007, the cash or cash equivalents in financial institutions
were not in excess of amounts insured by agencies of the U.S. Government.

Market Risks
------------

We are involved in the real estate mortgage market. Changes in interest rates or
other market conditions within the real estate mortgage market may have a
significant effect on the volume and profitability of our business.

Management Fees
---------------

We have entered into an agreement with Port Funding to manage our day-to-day
operations, including originating loans through our account and providing
personnel and office space in exchange for a management fee. Management fees
related to origination fees are paid as collected, and deferred and expensed
over the life of the loans according to SFAS 91, "Accounting for Nonrefundable
Fees and Costs Negotiated with Originating or Acquiring Loans and Indirect Costs
of Leases." Management fees related to interest are expensed as the interest
income is recognized.


                                       10
<PAGE>

Item 3.  Controls and Procedures

(a)  Evaluation of disclosure controls and procedures.

(b)  Our principal executive officer and our principal financial officer, based
     on their evaluation of our disclosure controls and procedures (as defined
     in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of the end of the period
     covered by this Report on Form 10-QSB, have concluded that our disclosure
     controls and procedures are effective for ensuring that information
     required to be disclosed by us in the report that we file or submit under
     the Securities Exchange Act of 1934 is recorded, processed, summarized and
     reported within the time period specified in the SEC's rules and forms.

(c)  Changes in Internal Controls.

     There were no changes in our internal control over financial reporting that
     occurred during our fiscal quarter that have materially affected, or are
     reasonably likely to materially affect, our internal control over financial
     reporting.








                                       11

<PAGE>

PART II  Other Information

Item 1. Legal Proceedings

In March 2006, a action was commenced against us in the Elkhardt, Indiana
Superior Court to quiet the title of the real estate, which serves as collateral
for a mortgage loan made by us to the owner of the property. The suit was
commenced by the former owner of the property who alleged that his contract of
sale of the real estate to the current owner (and our borrower) was breached. We
were also named as defendant because of our mortgage on the property. The
plaintiff sought an injunction prohibiting the sale of the real estate during
the pendancy of the litigation. The injunction was granted effective upon the
plaintiff filing with the court evidence of the giving of security in the form
of a bond in the amount $170,000. To date, the plaintiff has failed to post the
bond. Depositions in the case have been set for May, 2007.

Item 6. Exhibits

     (a)       31.1 Certification of the principal executive officer pursuant to
               Rule 13a - 14(a).
     (b)       31.2 Certification of the principal financial officer pursuant to
               Rule 13a - 14(a).
     (c)       32.1 Section 1350 Certification.




                                       12
<PAGE>




                                   SIGNATURES


Pursuant to the requirements of the Securities Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.


                          Del Mar Income Partners, Ltd.


Date:  May 10, 2007           By: /s/ Stephen D. Replin
                                  ---------------------------------------------
                              Name:   Stephen D. Replin
                              Title:  President and Chief Executive Officer


Date:  May 10, 2007           By: /s/ Wanda E. Wages
                                  ---------------------------------------------
                              Name:   Wanda E. Wages
                              Title:  Secretary and Treasurer







                                       13

<PAGE>