First Trust Deed collateralized by 28 mostly finished residential lots near the corner of Horizon Ridge Pkwy and Horizon Dr in Henderson, NV (approximately 17 miles southeast of downtown Las Vegas). Since acquiring the property in November of 2018, the borrower has successfully obtained approval for the development of a 154-lot subdivision and subsequently completed most of the development work on all three phases of the project. The lots are roughly 0.05 acres in size which was done to ultimately build townhomes on. Townhomes in the community will range between 1,121-1,711 square feet with three to five bedrooms and up to three baths with an average sales price of $290,000.
Master Loan Amount: $1,736,000
Tranche Loan Amount: $62,000
Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. A breakdown of the lots is shown on the next page.
Yield: 10.00% 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 one optional nine-month extension period at maturity.
