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. This loan will only encumber the western half of the 2.5-acre parcel as shown on the proposed parcel map on the second page. Right now, on the western lot there is a 60% completed home that is 4,600 square feet (pictured to the right). It is anticipated that the borrower will be completed with the home within four months at which point they will look to sell it.
Loan Amount: $515,000
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: Nine months with an optional nine-month extension at maturity