First Trust Deed collateralized by a 3,168 square foot two story home located in Paradise, NV (approximately five miles south of Las Vegas, NV). Since acquisition in December of 2015, the borrower has been rehabbing the property and is currently 90% completed. It is anticipated that by the end of May all work will be done on the property and be in a position to sell to an end user.
Loan Amount: $278,000
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: Six months with an optional six month extension at maturity.