Second Trust Deed collateralized by 4.59 acres of residential land near the corner of Moon Hill Dr and Highland Shores Dr in Henderson, NV (approximately 20 miles southeast of downtown Las Vegas). Although the property is currently 4.59 acres, the borrower is acquiring additional land adding to a boundary line adjustment that would add about 10% more land to the property. Additionally, the lots are currently partly complete, and the seller is obligated to finish the lots before all the money is released to them from escrow. This is anticipated to occur in August of 2022. Homes in this development will average nearly 5,000 square feet with an average sales price of nearly $3,000,000. Within the Lake Las Vegas master planned community in which the development is located, there is a price premium associated with homes that have view of the lake. Most of the lots in this development will have unobstructed views of the lake.
Loan Amount: $1,000,000
Yield: 11% 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 extensions at maturity. Final maturity date is 1/5/23.