Izzy

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So far Izzy has created 106 blog entries.

FIG Starwood Farms LLC #4609 | TEXAS

The collateral for this loan is approximately 26 acres of land that will consist of 244 townhome lots located in Cypress, TX (approximately 25 miles northwest of Houston, TX). Most of the 244 units are presold as investment properties to the borrower’s clients. The final plat map has been recorded and development work is ongoing. Since acquiring the site in March of this year, the borrower has completed the grading of the land and has installed most of the underground utilities including power, sewer, gas, electric, and water. With development scheduled to finish in September, it is anticipated the borrower will begin to payoff this development loan as construction loans are obtained for each of the fourplex’s. Loan Amount: $5,200,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.

Harmony Homes Nevada, LLC #4608 | NEVADA

First Trust Deed collateralized by 17 acres of residentially zoned land near the corner of Vegas Dr and Rancho Dr near North Las Vegas, NV (roughly five miles northwest of downtown Las Vegas). The land is currently zoned R-2 which will allow for the development of 34 homes on the site, but the borrower is working with the city to approve a 248-lot community. Since acquiring the site about a year ago, the borrower has continued to work with the city to approve a proposed 248 lot community as depicted on the next page. With home sales starting in mid-2020 averaging $210,000 and 1,500 square feet in size, it is anticipated the borrower will be sold out of the community by the end of 2023. Loan Amount: $2,106,000 Term: 6 months with one optional 6-month extension period at maturity. 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.

FIG Village at Parkside LLC #4607 | IDAHO – FUNDED

The collateral for this loan is approximately 18 acres of land that will consist of 236 townhome lots located in Meridian, ID (approximately 14 miles west of Boise, ID). Most of the 236 units are presold as investment properties to the borrower’s clients. The final plat map is in the process of being approved by the city and is a condition to closing that must be satisfied to the buyers liking before closing will occur. It is anticipated the borrower will refinance this loan into a development loan in about 120 days after closing at which point, they would have already completed over $1,000,000 of site work. This loan could have paydowns once the development work is completed but before the construction work begins. Loan Amount: $2,700,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.

Mosaic Seven, LLC #4606 | NEVADA – FUNDED

First Trust Deed collateralized by a 9.84 acre parcel of land that is currently zoned O-L for open land. The borrower already has the parcel of land under contract to sell to the adjoining landowner as they continue to work through a tentative map approval allowing for the construction of an industrial building. In the picture at the bottom of this page you can see where the 215 intersects the 15 in North Las Vegas. Although this interchange is not completely active right now, work will be completed shortly by the state of Nevada for the complete development of this interchange. This site will be one of the last sites for people to stop at before heading north on the 15 out of Las Vegas. Loan Amount: $1,250,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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

Mosaic Seven, LLC #4605 | NEVADA – FUNDED

The property consists of 3.03 acres of land located off I-15 in North Las Vegas, NV (approximately 10miles northeast of Las Vegas, NV). There are two big drivers of value for this site. First, although the county records indicate a size of 3.03 acres, the updated survey shows 3.4 acres of land. This means the borrower is purchasing 12% more land, for no additional price per acre. Secondly, this piece is the last piece of an assemblage the borrower is doing in this area. The borrower already owns over 10 acres of adjoining land. This enables the borrower to realize additional value by economies of scale when selling to end buyers. The larger size also allows for many different users because of the configuration of the site. It is anticipated the borrower will complete the entitlement process in the next nine months and sell the property at that time. Additionally, the borrower is currently working with a buyer who is wanting to purchase the property for $1,350,000 once the entitlements have been completed. Although negotiations are early in the process, it is a good indication of the current value. Loan Amount: $900,000 Yield: 11.5% (Principal Balance ≥ $100,000); 11.0% (Principal

Lokal Shadow Canyon Condos #4603 | Colorado – FUNDED

The collateral for this loan consists of two finished condo lots, which will contain eight condos each, located in Highlands Ranch, CO (approximately 17 miles south of Denver, CO). These 16 units represent all the units within the community that are currently being constructed. The borrower initially purchased 128 partially finished lots in 2017 and has since sold 64 with an average sales price of $280,000. In total, the borrower still owns 64 lots, 16 of which are currently being constructed. The borrower anticipates selling out of the community within 26 months. This loan is in a junior lien position to bank financing which is being used for the construction of the condos. Loan Amount: $976,000 Yield: 11.0% 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 an optional 9-month extension at maturity.

Lokal Shadow Canyon Condos #4602 | COLORADO – FUNDED

The collateral for this loan consists of six mostly finished condo lots, which will contain eight condos each, located in Highlands Ranch, CO (approximately 17 miles south of Denver, CO). These 48 units represent all the units within the community that have yet to be built on. The borrower initially purchased 128 partially finished lots in 2017 and has since sold 64 with an average sales price of $280,000. In total, the borrower still owns 64 lots, 16 of which are currently being constructed. The borrower anticipates selling out of the community within 26 months. Loan Amount: $2,544,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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 an optional 9-month extension at maturity.

Harmony Homes Nevada, LLC #4601 | NEVADA – FUNDED

First Trust Deed collateralized by 26 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 finished the development work on the site and is begun vertical construction on about 20% of the homes. It is anticipated that the borrower will be completely sold out of the community in late 2020. Home sales have begun with their first closings anticipated in early May with an average sales price of $290,000 and an average size of 1,700 square feet. Loan Amount: $1,171,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.

Harmony461, LLC #4600 | NEVADA – FUNDED

First Trust Deed collateralized by seven approximately 0.08 acre fully completed residential lots located in the Northridge community in North Las Vegas, Nevada. This community comes on the heels of the borrower selling out of the 100-lot community kitty-corner to this one as well as the 93-lot community directly to the east of the community. Since the borrower has sold out of both the existing communities over the past few years, the borrower knows exactly what the homebuyers in the area want in the form of floor plans and price points. With that said, this 119lot community known as Northridge will have an average sales price of $280,000 and average 2,300 square feet in size. The borrower began closing homes within the community in December of 2018 and is anticipated to sell out of the community in the summer of 2021. Loan Amount: $343,000 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: 6 months with one optional 6-month extension period at maturity.

Rhino Holdings Nampa, LLC #4599 | IDAHO

First Trust Deed collateralized by an approximately 367,000 square foot mall in Nampa, ID (about 22 miles west of Boise, ID). Current tenants in this mall include national brands such as Big 5 Sporting Goods, Ross Dress for Less, and Jo-Ann Fabric as well as 30+ local tenants. The property is currently operating at a 36% vacancy however retail vacancy for this market is about 10%. Do to the declining consumer appetite for traditional mall space, it is the borrower’s intent to demolish a portion of the mall and turn it into a lifestyle center. To do this, the borrower will demolish approximately 30% of the in-line shop space and remove most of the interior corridors. In addition, the borrower will renegotiate leases with two of the big tenants to move their space as well as increase the duration of their lease. On top of that, the borrower will bring in two big box tenants to absorb a large amount of the vacant space. Given this property has more vacancy than the surrounding properties, it is the borrower’s intent to lease up the remaining space before he puts the property on the market for sale. Loan Amount: $11,000,000 Yield: 10.5%

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