Izzy

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So far Izzy has created 28 blog entries.

Lokal Registry Ridge Towns LLC., #4526 – COLORADO

The collateral for this loan consists of 74 mapped and partially developed residential lots located in Fort Collins, CO (approximately 60 miles north of Denver, CO). These 74 lots are approximately 80% complete and consist of 18 single family homes and 56 townhomes. Once development is completed within 60 days, the borrower will begin selling both single family homes as well as the town homes at price points ranging from $330,000 to $465,000. Loan Amount: $6,000,000 Yield: 10.25% (Principal Balance ≥ $100,000); 10% (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 two optional nine-month extensions at maturity.

Harmony Homes Nevada, LLC., #4525 – NEVADA

First Trust Deed collateralized by 30 mostly finished residential lots located near the Northwest corner of North Commerce Street and West Gowan Road in North Las Vegas, NV (roughly six miles north of Las Vegas, NV). The community is well located near shops and amenities for potential homeowners. Since acquiring the site in September of 2017, the borrower has successfully worked with the city to get approval for the 81 lot community. In addition, the borrower has begun the development work on the site and is about 60% complete. It is anticipated that the borrower will be completely done with the development in June at which point they will begin construction of the model complex. Home sales should commence in late 2018 with an average sales price of $290,000 and an average size of 1,700 square feet. Loan Amount: $1,362,000 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.

Tailor Built Homes, LLC., #4524 – UTAH

First Trust Deed collateralized by a fully developed residential lot (0.23 acres in size) located in Millcreek, UT (approximately nine miles southeast of downtown Salt Lake City, Utah). Loan proceeds will be used for the construction of a five-bedroom, three and a half bath home. The home will be a total of 5,244 square feet with 4,147 square feet of finished space (does not include the partially unfinished basement). Of the eight lots in the community, two are sold to end users and another is currently being constructed which leaves four lots that remain open for construction. Loan Amount: $775,000 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: Six months with an optional six-month extension at maturity.

Piola Construction, LLC., #4523 – WASHINGTON – FUNDED

First Trust Deed collateralized by a 2,860 square foot home in Redmond, WA (approximately 15 miles east of Seattle, WA). Comps in the area sell for more than $1,200,000. The borrower already has electrical and structural permits submitted to the city, so they can begin rehab on the property immediately after closing. As part of the rehab process, the electrical system will get a complete over haul, landscape will be cut back so the outdoor space is usable, new flooring, and updates to the kitchen and bathrooms. Homes in this area don’t stay on the market for a long period of time so it is the buyers hope to have it listed for sale within 90 days of closing with the anticipation of selling it within 150 days of closing. Loan Amount: $956,000 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: Six months with an optional six-month extension.

Lokal Brookhaven Condos LLC., #4522 – COLORADO

The collateral for this loan consists of 100 partially finished condo lots located in Aurora, CO (approximately 21 miles east of Denver, CO). Within the existing community, Lokal Homes is buying all the remaining lots. All the existing 60 condos have already been built by a different builder and sold off to end users. The entirety of the community center has already been built so Lokal Homes will not be responsible for that work. It is anticipated that the borrower will begin the development work on the site toward the end of the year at which point they will refinance the loan to obtain additional money for the development work. Loan Amount: $1,100,000 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: 9 months with one optional 9-month extension period at maturity.

Cyan Circle Townhomes LLC., #4521 – COLORADO – FUNDED

The collateral for this loan consists of 29 mostly finished townhome lots located in Castle Rock, CO (approximately 28 miles south of Denver, CO). These 29 lots represent the third and final phase of a Lokal Homes community known as Forty on Meadows. The previous forty townhomes have been built and sold to end users. For this third and final phase, Lokal Homes will be building the six-building community as a for rent apartment community. It is anticipated the borrower will utilize HUD financing for the construction loan. Rents for each of the 1,400 square foot, two bedrooms, two and a half bathroom units will go for $1,975. Each of the finished units are valued at about $400,000 per unit. Loan Amount: $710,000 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: Seven months with no optional extensions at maturity.

Ventana Holdings LLC., #4520 – NEVADA – FUNDED

First Trust Deed collateralized by a fully constructed single family residential home in Henderson, Nevada, a suburb of Las Vegas. The home was acquired by the borrowers in 2011 and has been used as a rental home since. The home is approximately 1,266 square foot home built in 2001, has 3 bedrooms and 2 full bathrooms and is located in the Green Valley South neighborhood of Henderson. Loan Amount: $140,000 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 10day grace period. Term: 6 months with one optional 6 month extension period at maturity.

Nikki Holdings LLC., #4519 – NEVADA – FUNDED

First Trust Deed collateralized by a fully constructed single-family residential home in Henderson, Nevada, a suburb of Las Vegas. The home was acquired by the borrowers in 1998 as his primary residence. Since 2008, the property has been used as a rental home. The home is approximately 2,094 square feet built in 1989, has 4 bedrooms and 3 bathrooms and is located in the Green Valley South neighborhood of Henderson. Loan Amount: $200,000 . 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 10day grace period. Term: 6 months with one optional 6 month extension period at maturity.  

Lokal Registry Ridge Towns LLC #4401 – COLORADO – FUNDED

The collateral for this loan consists of 74 mapped and partially developed residential lots located in Fort Collins, CO (approximately 60 miles north of Denver, CO). These 74 lots are approximately 60% complete and consist of 18 single family homes and 56 townhomes. Once development is completed toward the end of the year, the borrower will begin selling both single family homes as well as the town homes. Loan Amount: $5,800,000 Yield: 10.25% (Principal Balance ≥ $100,000); 10% (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 an optional 6 month extension at maturity.

Tailor Built Homes , LLC #4400 – UTAH – FUNDED

First Trust Deed collateralized by a fully developed .32 acre residential lot located in Riverton, UT (approximately 18 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the construction of a five bedroom, four and a half bath home. The home will be a total of 3,125 square feet with 1,707 square feet of finished space (does not include the partially unfinished basement). Loan Amount: $540,000 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: Six months with an optional six month extension at maturity.

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