The property consists of 2.5 acres of unentitled land located in Southwest Las Vegas close to Mountains Edge, award-winning Master Planned Community. Since putting the property under contract over a year ago the borrower has been working with the city to get approval for a final map allowing for the development of single family, detached, residential homes. In addition to the subject property, the borrower also owns most of the properties surrounding this one which has allowed the borrower to simultaneously entitle all the land, and ultimately, an ability to develop more units per acre than would otherwise be feasible.
Loan Amount: $820,000
Yield: 10.50% (Principal Balance ≥ $100,000); 10.25% (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: Six months with an optional six month extension at maturity.