The collateral for this loan is 1.07 acres of land in Las Vegas, NV (approximately nine miles southeast of downtown Las Vegas, NV). Since acquiring the site in January of 2019, the borrower has successfully zoned the property for Office and Professional. Additionally, they received an overlay of AE-60 which will allow for the development, and ultimately construction of, medical office condos. Once the 14,000 square foot building is constructed, it will be able to be sold as 14 individual medical office condos. Two of the members of the LLC are purchasing two of the condos when they are complete. Now that the grading permit is almost ready to be pulled, this construction loan will enable the borrower to move forward with the construction of the property.
Loan Amount: $2,240,000
Yield: 10.50% (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: Nine months with an optional nine-month extension at maturity.
