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So far Izzy has created 126 blog entries.

Fragola Enterprises, LLC #4629 | UTAH

The collateral for this loan is over 350 acres of land located near the shores of Strawberry Reservoir (approximately 84 miles southeast of Salt Lake City, UT). Since acquiring the site over a decade ago, the borrower began working with the city and county to approve the conversion of an active cattle ranch into a master planned resort community. This loan encumbers part of the first phase of the larger resort and has up to 300 homes allocated to this land. Money from this loan will be used to fund a development bond with the city in the amount of roughly $4,000,000 which will enable the first 84 lots to be fully developed. Although the borrower has just begun sales of the “paper lots”, it is anticipated the lots will be completely developed in the summer of 2020 utilizing the money that will be held by the county. Loan Amount: $9,100,000 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 two optional nine-month extensions at maturity.

Harmony Homes Nevada, LLC #4628 | NEVADA – FILLED

First Trust Deed collateralized by 37 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 all the onsite and offsite improvements. Additionally, the borrower has sold and closed half of the 81 total lots in the community for an average sales price of nearly $260,000 for each of the 1,700 square foot units. Loan Amount: $1,670,000 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. Click here to view the onsite video.

Lake Las Vegas 24, LLC #4627 | NEVADA – FUNDED

First Trust Deed collateralized by six partially constructed townhome lots located in the Vita Bella Community in Lake Las Vegas which is approximately 19 miles east of Las Vegas, Nevada. Within this 79-unit community, there are seven remaining lots that are unsold. Since acquiring the property in December of 2017, the borrower worked with the city to get the building plans reapproved based on the new building codes. After obtaining building approval for all 24 lots, the borrower has successfully built, sold, and closed 12 of the units. These sales have ranged between $365,000 and $499,000. Of the 24 lots that were acquired by the borrower, 12 are now owned by end users, five are under contract to be sold, and seven remain unsold. Two of the six units in first position on this loan are presold and four are being constructed without being presold. It is anticipated construction will be completed in May of 2020. This loan also will be in second position on another six units that are 70% complete which is not considered on the LTV shown below. Loan Amount: $1,600,000 Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) Interest is paid monthly in

Phoenix Tucson Retail Partners One, LLC #4626 | ARIZONA

First Trust Deed collateralized by a nearly 90,000 square foot shopping center in Tucson, AZ (about 120 miles south of Phoenix, AZ). The site is anchored by PETCO and has nine other tenants but has a total vacancy of 50%. The three freestanding single-story buildings are situated on over 10 acres of land that includes 450 parking spaces. Due to the current owner’s unwillingness and inability to spend additional money on tenant improvements, the property has seen the occupancy suffer over the past three years. As part of this loan, the borrower will receive over $1,000,000 for tenant improvements which will enhance the value of the project by reducing the vacancy of the property. The current listing broker has a few tenants that are looking to occupy the building. In addition to money for tenant improvements, there is about $1,000,000 that will be utilized to fix deferred maintenance and general capital expenditures to improve the overall site. Loan Amount: $4,700,000 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: Nine months with two optional nine-month extension periods

Harmony Homes Nevada, LLC | NEVADA – #4625 – FILLED

First Trust Deed collateralized by 11.03 gross acres (10.19 net acres) of residentially zoned land near the corner of Boulder Hwy and Lake Mead Pkwy in Henderson, NV (approximately 16 miles southeast of downtown Las Vegas). The borrower is purchasing the property from the masterplan developer once the site plan has been approved (anticipated on 12/12/19). The site plan allows for 142 townhome lots in four, six, and eight-plex configurations to be built. The development work is expected to begin in the spring on 2020 with an estimated cost of $5,800,000. With an average sales price of $247,000 per unit, the borrower will be one of the lowest priced builders in the area. Home construction is anticipated to begin in September of 2020. Loan Amount: $2,800,000 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.

Lokal BR7 LLC #4624 | COLORADO

The collateral for this second trust deed loan consists of 18 finished single-family residential lots located in Commerce City, CO (approximately 20 miles northeast of Denver, CO and 12 miles west of Denver International Airport). These 18 lots are part of a larger 151 lot community know as Buffalo Run Filing 7. Approximately 100 single-story ranch style homes have been sold in the community with an average price of $550,000. Filing 7 is the last takedown within a larger community know as Buffalo Run that the borrower has already completed the development, construction, and ultimate sale of over 400 homes. The borrower has already begun construction on the 18 homes on the finished lots and anticipates closing these homes in the next 12 months after origination of this loan. It is anticipated the borrower will completely sell out of the community within eighteen months. Loan Amount: $918,000 Yield: 11.0% (Principal Balance ≥ $100,000); 10.5% (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.

Lokal BR7 LLC #4623 | COLORADO

The collateral for this loan consists of four finished single-family residential lots located in Commerce City, CO (approximately 20 miles northeast of Denver, CO and 12 miles west of Denver International Airport). These four lots are part of a larger 151 lot community know as Buffalo Run Filing 7. Approximately 100 single-story ranch style homes have been sold in the community with an average price of $550,000. Filing 7 is the last take down within a larger community know as Buffalo Run that the borrower has already completed the development, construction, and ultimate sale of over 400 homes. The borrower has not begun construction on the four finished lots but anticipates starting construction within 30 days after origination of this loan. It is anticipated the borrower will completely sell out of the community within eighteen months. Loan Amount: $400,000 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.

GGD Oakdale, LLC #4622 | OREGON – FUNDED

First Trust Deed collateralized by a nearly 110,000 square foot shopping center in Gresham, OR (about 18 miles east of Portland, OR). The site is anchored by Walmart Neighborhood Market and has an overall vacancy of 27%. 25,000 square feet of the vacancy will be eliminated when the borrower acquires the site because he already has a gym ready to occupy the space in four months, once tenant improvements are completed. Another value creator that the borrower will be able to achieve is renewing the existing Walmart into a longer-term lease. With the current lease set to expire in 2022, a new 10-year lease will create significant value for the property. Loan Amount: $8,000,000 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 period at maturity.

Big Red Holdings, LLC #4621| UTAH – FUNDED

The collateral for this loan is approximately 1.3 acres of land located in Draper, UT (approximately 18 miles south of Salt Lake City, UT). Since acquiring the home that sits on the large plot of land about a year ago, the borrower has worked with the city to get approval for a four-lot community. In about two weeks from the funding of this loan, the borrower will begin the demolition and development of the four lots that will average 0.3 acres each. Also included in the loan proceeds is money to build two homes of roughly 4,000 square feet each. The borrower will be asking $950,000 for each of the two homes and nearly $300,000 if someone wanted to buy one of the two finished lots. Loan Amount: $1,773,000 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 two optional nine-month extensions at maturity.

Harmony461, LLC #4620 | NEVADA – FUNDED

First Trust Deed collateralized by 9 approximately 0.09 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: $416,000 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.

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