First Trust Deed collateralized by a fully developed 0.88 acre residential lot in the highly desirable MacDonald Highlands subdivision near the corner of South Stephanie St and West Horizon Ridge Pkwy in Henderson, NV (approximately 18 miles southeast of Downtown Las Vegas, NV). The borrower continues to work with the engineers and architects to fine tune the building plans in preparation for construction. Construction will be paid for directly from the borrower through proceeds from his companies. It is anticipated that construction will be completed in December of 2018.
Loan Amount: $417,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: 6 months with one optional 6 month extension period at maturity.