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Harmony Homes Nevada, LLC., #4436 – NEVADA

First Trust Deed collateralized by 9.06 acres of residential land located near the Northwest corner of North Commerce Street and West Gowan Road in North Las Vegas, NV (roughly six miles north of Las Vegas, NV). The land is well located near shops and amenities for potential homeowners. The site is currently zoned for a planned use development (PUD) which will allow for the development of an 81-home subdivision. The borrower does not anticipate the start of the development work until the middle of 2018 with the first homes sales happening by the end of 2018. Home prices are anticipated to be in the upper 200’s once sales ultimately commence.

Loan Amount: $975,000

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 10-day grace period.

Term: 6 months with one optional 6 month extension period at maturity.

Bluemountain, Inc., #4434 – UTAH

First Trust Deed collateralized by two fully developed residential lots in West Haven, Utah (approximately 40 miles north of Salt Lake City, UT). Although the borrower is utilizing money for the acquisition and construction for two lots within the community, it is the borrower’s intent to buy the remaining 12 available lots within the next year. Even though the borrower does not currently own the property, they already have approval to pull permits with the city to begin construction on the finished lots. Each lot will have a 2,400 square foot, five bedroom, two bathroom home constructed on it.

Loan Amount: $726,000

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 10-day grace period.

Term: Eight months with an eight month extension.

Caldwell Investments, LLC., #4432 – UTAH

First Trust Deed collateralized by three structures in Ogden, UT (approximately 38 miles north of downtown Salt Lake City, Utah). Although there are only two parcel numbers associated with the site and three structures, there is a total of seven apartment units as well as one single family home. It is the borrower’s intent to acquire the properties and spend about $100,000 on renovations to the structures in order to get higher rents. Once new tenants are in place, the borrower intends to sell the one single family detached home and refinance the remaining seven multifamily units.

Loan Amount: $1,250,000

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 10-day grace period.

Term: Six months with a six month extension. Borrower Use of Proceeds: Proceeds will be used towards the acquisition of the properties, including closing costs, fees, rehab dollars, and prepaid interest.

Cedarbridge Apartments, LLC., #4426 – UTAH

First Trust Deed collateralized by approximately 0.21 acres of land situated just east of Interstate 15 in Salt Lake City, UT. Loan proceeds will be used for the refinance of the property which is currently zoned R-MU. As it currently stands, the property has been approved for a six story, 65-unit apartment building. Due to a moratorium on building fees that is set to expire at the end of November, it is anticipated the borrower will refinance the project into a construction loan prior to that time.

Loan Amount: $1,350,000

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 10-day grace period.

Term: Six months with an optional six month extension at maturity.

Lokal Plum Creek Towns, #4409 – Colorado

The collateral for this loan consists of 45 mapped and partially developed residential lots located in Castle Rock, CO (approximately 32 miles south of Denver, CO). These 45 lots are approximately 20% complete and it is anticipated that they will be fully completed by the end of the year. Upon completion of development the borrower will begin building and selling the homes with an average sales price of $355,000. Within the community Richmond American Homes is currently selling single family homes that average $480,000. There are less than 20 lots that remain for sale which should be all sold by the time the borrower begins selling homes.

Loan Amount: $3,100,000

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: 6 months with an optional 6 month extension at maturity.

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