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Izzy

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So far Izzy has created 225 blog entries.

CherCo, LLC #5069 | NEVADA – FUNDED

The collateral for this first position loan is an approximately one-acre site in Mesquite, NV (approximately 80 miles northeast of Las Vegas, NV). The borrower is acquiring this parcel of land after being under contract to purchase since July of 2018. During the extended escrow process, the borrower has successfully worked with the city to vacate a road that would have run through the site as well as get preliminary approval for the construction of a 10,000 square foot retail building. Although not encumbered by this loan, FedEx, Jack in the Box, Smiths Food and Drug, Subway, KFC, and Starbucks are all in the immediate vicinity of this parcel illustrating the other national retailers that believe in this location. The principals of the borrower have worked in the industrial and retail sectors of real estate in and around Las Vegas for over three decades. Loan Amount: $500,000 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 ninemonth extension at maturity  

By |April 30th, 2021|Funded Investments|0 Comments
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Rhino Holdings Powell, LLC #5068 | OREGON – FUNDED

First position loan collateralized by a retail shopping center totaling 76,000 square feet in Portland, Oregon (about 8 miles east of downtown Portland, OR). The property is currently 94% occupied to national tenants like Baskin Robbins, Metro PCS, Jackson Hewitt, Dollar Tree and Ace Hardware. With current rents over 650,000 annually, the property is currently in a good financial position, but the borrower looks to improve the property’s outlook. To do so, the borrower has plans to fill the remaining vacancy as well as some tenant rollover to another large, national tenant specializing in auto parts. Additionally, the borrower is in current talks to do a ground lease with a national coffee chain in the unused part of the parking lot. Loan Amount: $7,900,000 Yield: 11% total interest. 6% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. An additional 5% interest is paid upon the final loan payoff. Term: Nine months with an optional nine-month extension at maturity.  

By |April 16th, 2021|Funded Investments|0 Comments
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Yuma Care, LLC #5066 | ARIZONA – FUNDED

First Trust Deed collateralized by a parcel of a commercially zoned property approximately 170 miles east of San Diego, CA and 180 miles west of Phoenix, AZ. Since the borrower acquired the site in October of 2020, they worked with the local municipalities to get the property entitled to allow the construction of a geriatric behavioral health facility. This will be the borrowers fifth such facility since 2011 with plans on doing two more each year. Once completed, the property will consist of 16,800 square feet facility with 24 beds. Additionally, Ignite was able to review the appraisal that shows a completed value of the asset at $11,907,000 and a stabilized value of $14,886,000. Tranche Loans: Estimated Date Estimated Amount Loan# 4/12/2021 $1,800,000 5067 5/14/2021 $1,000,000 TBD - Not open for investment at this time 6/11/2021 $1,000,000 TBD - Not open for investment at this time 8/13/2021 $1,000,000 TBD - Not open for investment at this time 10/15/2021 $1,000,000 TBD - Not open for investment at this time 12/17/2021 $1,000,000 TBD - Not open for investment at this time 2/11/2022 $1,000,000 TBD - Not open for investment at this time 3/11/2022 $1,000,000 TBD - Not open for investment at this

By |April 14th, 2021|Funded Investments|0 Comments
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Grays Development Company, Inc #5061-#5065 | COLORADO – FUNDED

The collateral for this loan consists of five superpads that will allow for the ultimate construction of twenty townhomes per pad (100 units in total) which are located in Littleton, CO (approximately 20 miles southwest of Denver, CO). These 100 townhome units are part of a larger townhome project that already has 140 units constructed. Because the project has a stigma as a broken development along with the previously onerous construction defect laws, most developers have steered clear of this project. Lokal Homes has purchased a few of these types of projects throughout the Denver metro area with great success. These townhomes will have an average sales price over $290,000 per unit and over 1,100 square feet in size. Master Loan Amount: $5,900,000 Tranche Loan Amount: $1,180,000 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: 9 months with two optional 9-month extension period at maturity.

By |April 2nd, 2021|Funded Investments|0 Comments
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The Pass at Black Rock, LLC #5059 | NEVADA – FUNDED

First Trust Deed collateralized by 6.46-acres of land that is currently zoned Office Commercial. Located approximately 15 miles southeast of downtown Las Vegas and very near the prestigious master plan community of McDonald Highlands in Henderson, Nevada, the site is part of the larger “Pass at Black Rock”. The Pass at Black Rock is the brainchild of the borrower who is currently working with the city to approve this mountain bike park. On this site, the borrower has plans for 60 apartment units on top of nearly 90,000 square feet of retail. Directly south of the site is a 122-lot community that the borrower has worked through since late 2017. In addition to the collateral shown above, the borrower is working with the City of Henderson on a land swap that will add six finished lots to the collateral once completed (fall 2021). Loan Amount: $3,000,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1 st of each month with a 10-day grace period. Term: 6 months with one optional 6-month extension period at maturity.

By |March 30th, 2021|Funded Investments|0 Comments
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Rhino Holdings Front, LLC #5058 | OHIO – FUNDED

First Trust Deed collateralized by an approximately 20,000 square foot former indoor skating rink in New Philadelphia, OH (about 85 miles south of Cleveland, OH). Although the property is currently vacant, the borrower has a lease ready to be signed with national tenant to occupy the entire property. Once this new tenant is signed up (shortly after acquiring the property), the borrower will begin the renovation work on the property the tenant has requested. The new tenant will then begin their tenant specific work to the building with the anticipation of opening to the public in November. Single tenant assets have seen a hot commodity in today’s real estate marketplace. With this in mind, the borrower has teamed up with this national brand as their preferred developer whereby the tenant tells the borrower what building they want to get into, and the borrower will go out and make it happen. This is one of those transactions Loan Amount: $1,300,000 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

By |March 29th, 2021|Funded Investments|0 Comments
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Rhino Holdings Germantown, LLC #5057 | WISCONSIN – FUNDED

First Trust Deed collateralized by an approximately 21,000 square foot former Sears Outlet building in Germantown, WI (about 21 miles northwest of Milwaukee, WI). Although the property is currently vacant, the borrower has a lease ready to be signed with Harbor Freight to occupy the entire property. Once this new tenant is signed up (shortly after acquiring the property), the borrower will begin the renovation work on the property the tenant has requested. Harbor Freight will then begin their tenant specific work to the building with the anticipation of opening to the public in November. Single tenant assets have seen a hot commodity in today’s real estate marketplace. With this in mind, the borrower has teamed up with Harbor Freight as their preferred developer whereby the tenant tells the borrower what building they want to get into, and the borrower will go out and make it happen. This is one of those transactions. Loan Amount: $2,100,000 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 extension periods at maturity.

By |March 29th, 2021|Funded Investments|0 Comments
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Grays Development Company, Inc #5051-5056 | COLORADO – FUNDED

The collateral for this loan consists of 61 platted and partially developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 61 lots are part of a larger 221 lot community know as Victory Ridge which the borrower acquired about two years ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $380,000. This is the third takedown the borrower has elected to take from the seller. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so later this year. Lokal Homes, the home builder of this project, is averaging six sales per month so far this year. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. 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: 9 months with two optional 9-month extension period at maturity.

By |March 29th, 2021|Funded Investments|0 Comments
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Huish Construction, LLC #5044-5049 | UTAH – FUNDED

First Trust Deed collateralized by a seven-acre parcel of land approximately 50 miles southeast of downtown Salt Lake City, UT and 20 miles south of Park City, UT. The borrower is under contract to acquire this 3,700 square foot home and the remaining acreage from the trustee of the estate. Once they own the property, they will work with city officials to get the property subdivided into five additional lots. Each of the five newly created lots will be over an acre and be valued at nearly $200,000 each. As a developer and builder himself, the borrower will complete the land development of the newly created subdivision and built through the community. Preliminary discussion with the city about the subdivision have been positive and the borrower anticipates getting fully approved in three months. Master Loan Amount: $1,500,000 Yield: 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 an optional nine-month extension period at maturity.

By |March 17th, 2021|Funded Investments|0 Comments
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Sunridge Place, LLC #5042 | NEVADA – FUNDED

First Trust Deed collateralized by a seven-acre parcel of land approximately 18 miles south of downtown Las Vegas, NV. Since going under contract about a year ago, the borrower has successfully worked with city officials to get the property zoned for a regional mixed-use designation. It is the borrower’s intent to complete the final map for a 236-unit multifamily development. This 200,000 square foot property would be the second large multifamily project the borrower is operating with the first being Tuscan Highlands. Tuscan Highlands is currently under contract for what would be the highest price per unit sales ever in Las Vegas. With a total project cost of over 64 million, this project will be of the same quality finishes as can be found in Tuscan Highlands. It is anticipated the final map and construction financing will be complete within the year at which point the loan would be paid off. Loan Amount: $5,700,000 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: 9 months with an optional nine-month extension period at maturity  

By |March 17th, 2021|Funded Investments|0 Comments
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Ignite Funding, LLC | 6700 Via Austi Parkway, Suite 300, Las Vegas, NV 89119 | P 702.739.9053 | T 702.919.4281 | F 702.922.6700 | NVMBL #311 | AZ CMB-0932150 | | Money invested through a mortgage broker is not guaranteed to earn any interest and is not insured. Prior to investing, investors must be provided applicable disclosure documents.
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