First Trust Deed collateralized by 2.5 acres of residential land in Las Vegas, NV. The borrower plans to subdivide the site into two residential lots and ultimately build homes on each of the two lots. Plans are currently in with the city and are anticipated to be ready for development in 45 days.
Loan Amount: $260,000
Yield: 10.00% (Principal Balance < $100,000); 10.25% (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.