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Investor Equity Homes, LLC., #4518 – NEVADA

First Trust Deed collateralized by eight partially improved residential lots and 2.5 acres of residential land situated near the corner of Ackerman Ave and N Pioneer Way in Las Vegas, Nevada. The lots sit two miles away from the 95 freeway in the Northwest part of Las Vegas with Arbor View High School and Centennial Hills Park just south of the lots. The lots are approximately 90% complete and a performance bond has already been posted by the borrower for the development of the project. Once development work is completed at the end of the year, the borrower will sell the property to a home builder.

Loan Amount: $795,000

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.

Mosaic Seven, LLC., #4517 – NEVADA

The properties consist of 7.5 acres of land which was purchased by the borrower in 2016 from the Bureau of Land Management (BLM). Since that time, the borrow has gone through many different rounds of negotiations with the county over land use to get the property rezoned. As of today, the plan is get a rural subdivision approved to allow for the development and construction of 15 homes. It is anticipated that the property will be fully entitled and ready to develop by the end of the year at which point the borrower will list it for sale.

Loan Amount: $964,000

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.

LF Evans Square LLC., #4516 – UTAH

First Trust Deed collateralized by 15 developed residential townhome lots located in Draper, UT (approximately 18 miles south of downtown Salt Lake City, Utah). Since acquiring the property over a year ago, the borrower has worked with the city to allow for the development of a three building, 15 lot infill community. As of today, all the underground utility work has been completed on the lots and the owner is waiting to pave the site until the construction of one of the buildings is completed. In addition, the borrower has already submitted building plans to the city which are expected to be ready in the next month. Once building permits are obtained, the borrower will utilize bank financing to construct each of the three, five unit buildings. Each unit is designed as a live/work concept where each will have nearly six hundred feet of street level commercial space along with over 1,900 square feet of residential space

Loan Amount: $1,460,000

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: Nine months with an optional nine month extension.

Lake Las Vegas LLC., #4515 – NEVADA

09First Trust Deed collateralized by three finished townhome lots located in the Vita Bella Community in Lake Las Vegas which is approximately 19 miles east of Las Vegas, Nevada. Within this 79-unit community, there are 24 remaining lots that are unsold. Since acquiring the property in December of 2017, the borrower has been working with the city to get the building plans re-approved based on the new building codes. Existing homes in the community have sold between about $270,000 and $465,000 in 2017. New homes are expected to sell for an average of $409,000 per unit. Although it is typical to see a premium sales price on new homes, it is the borrower’s goal to “undercut” the market to sell units more quickly. Construction on this three unit building began in April of 2018. Prior to funding of this loan, all the framing on this building will be completed.

Loan Amount: $780,000

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: 9 months with one optional nine-month extension period at maturity.

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    Charles E. Coleman and Susan N. Coleman Revocable Living Trust #4514 – NEVADA

Charles E. Coleman and Susan N. Coleman Revocable Living Trust #4514 – NEVADA

First Trust Deed collateralized by a 1,924 square foot home located in Las Vegas, NV. The home is a single story, two bedroom, two bathroom home that was built in 1994. It is the borrower’s intent to acquire the property and hold onto it for investment purposes as it has a paying tenant already occupying the property. In about six months the borrower intends to refinance the loan with long-term bank financing. Although the borrower preferred to use bank financing for the acquisition, due to a timing issue on the sellers’ part, bank financing was not a feasible option.

Loan Amount: $275,000

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.

GGD Oakdale, LLC., #4512 – WASHINGTON

First Trust Deed collateralized by an approximately 93,000 square foot retail building in Sunnyside, WA (about 180 miles southeast of Seattle, WA and 180 miles northeast of Portland, OR). Current tenants in this converted Kmart building include national brands such as Aaron’s as well as local companies such as China Buffet, Crosssfit, WesternWear, and La Estrella (a furniture store). The property is currently operating at about a 50% vacancy. It is the borrower’s intent to lease up the remaining space to two separate companies, Grocery Outlet and Tractor Supply. Both companies are currently working with the borrower to finalize a lease which would make the center fully occupied. Prior to the new tenants occupying the space, the borrower will need to spend approximately $1,000,000 is upgrades to improve the property.

Loan Amount: $6,575,000

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: Nine months with two optional six month extension periods at maturity.

The Bluffs, LLC., #4509 – NEVADA

First Trust Deed collateralized by a 0.46 acre finished lot located in one of the most exclusive communities of Las Vegas, Southern Highlands. It’s most distinctive amenity is the Southern Highlands Golf Club which is ranked among America’s top private clubs and was named Golf Digest’s “Best New Private Golf Club in the Western United States.” Within Southern Highlands is an even more exclusive neighborhood called The Bluffs. The Bluffs consists of 39 roughly half acre lots with unparalleled views of the Las Vegas Valley and the Las Vegas Strip. This loan encumbers the model home which is a 6,823 square foot trophy home designed to showcase the modern architecture, energy efficient, sustainable “smart home” that Blue Heron has come to be known for. Lots in the community are selling between $300,000 and $500,000 and have custom homes designed specifically for each lot.

Loan Amount: $2,650,000

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: Nine months with a nine-month extension.

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