A 1.46 acre parcel of land, situated near the mouth of Kyle Canyon in Las Vegas, NV is the collateral for this first trust deed loan. This part of Las Vegas has seen more residential building permits pulled over the past year than nearly all other submarkets. As the old adage goes; “commercial follows rooftops.” This property is a prime example of that. The borrower intends to get zoning approval for the ultimate construction of a car wash and tire shop which will be nearly surrounded by newly constructed homes. The borrower will also have the property presold shortly after acquiring the parcel to the car wash operator who will ultimately occupy one of the two buildings. The completion of the zoning process which will be the triggering event to sell the project is anticipated to be completed in approximately nine months.
Loan Amount: $1,280,000
Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%.
Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 4/3/25.