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Blue Heron Obsidian, LLC #4590 | NEVADA

First Trust Deed collateralized by a fully developed 0.3-acre lot in the Obsidian community which is approximately 18 miles south of downtown Las Vegas, Nevada. Obsidian is adjacent to the MacDonald Highlands Community which is nestled in the picturesque McCullough Mountains and has become one of the most sought after addresses in the Las Vegas Valley. Since acquiring the site in May of 2017, the borrower has finished approximately 80% of the development work on this 33-lot community. Of the 33 lots, 10 have been reserved, including three that the borrower is building model homes on. This loan will have a 5,750 square foot home built on it. Currently the borrower has completed approximately 30% of the home and it is anticipated they will finish the construction in July of 2019. Once completed, it will serve as a model home for the community until a buyer is found. Loan Amount: $1,980,000 Yield: 10.50% (Principal Balance ≥ $100,000); 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 one optional nine-month extension period at maturity.

Harmony461, LLC #4589 | NEVADA

First Trust Deed collateralized by 14 approximately 0.08 acre fully completed residential lots located in the Northridge community in North Las Vegas, Nevada.  This community comes on the heels of the borrower selling out of the 100-lot community kitty-corner to this one as well as the 93-lot community directly to the east of the community. Since the borrower has sold out of both the existing communities over the past few years, the borrower knows exactly what the homebuyers in the area want in the form of floor plans and price points. With that said, this 119lot community known as Northridge will have an average sales price of $280,000 and average 2,300 square feet in size. The borrower began closing homes within the community in December of 2018 and is anticipated to sell out of the community in the summer of 2021. Loan Amount: $686,000 Yield: 10.50% (Principal Balance ≥ $100,000); 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: 6 months with one optional 6-month extension period at maturity.

Court Hampton Holdings, LLC #4588 | NEVADA

First Trust Deed collateralized by nine mostly developed residential lots located in the Highlands community which is located ten miles east of Las Vegas, NV. Harmony Homes have sold out of the community directly to the west which they have been selling since 2010. The newly closed subdivision to the west had over 300 lots which were sold with an average sales price of $275,000 over the past year. This new community known as the Highlands consists of 94 lots which are roughly the same size as the previous community. The borrower intends to build the exact same homes that have sold in the previous community that range from 1,739 – 2,573 square feet and will start with an average sales price of $280,000. Loan Amount: $450,000 Yield: 10.50% (Principal Balance ≥ $100,000); 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: 6 months with one optional 6-month extension period at maturity.

Rhino Holdings Olympia, LLC #4575 | WASHINGTON

First Trust Deed collateralized by an approximately 87,000 square foot retail building in Olympia, WA (about 67 miles southwest of Seattle, WA). Current tenants in this strip center include national brands such as Subway and Albertson’s as well as local companies such as Spin City Laundry, Capital Nails, and Yukio’s Teriyaki.  The property is currently operating at a 23% vacancy however retail vacancy for this market is about 10%. Given this property has more vacancy than the surrounding properties, it is the borrower’s intent to lease up the remaining space before he puts the property on the market for sale. In addition to this asset, the borrower is acquiring two adjacent retail centers that total 167,000 square feet of space over nearly 15 acres of land. After acquisition of the entire project, the borrower will begin to sell each of the buildings individually, unlocking additional value by selling smaller parcels. Loan Amount: $5,698,000 Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10day grace period. Term: Nine months with an optional nine-month extension period at maturity.

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