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Phoenix Care Partners, LLC #4635 | ARIZONA – FUNDED

First Trust Deed collateralized by a partially completed, 17,790 square foot geriatric behavioral hospital near the Maricopa Freeway and 7th Ave which is approximately 2 miles southwest of downtown Phoenix, Arizona. The facility will have 20 client units with a total of 40 rentable beds. Directly across from this 1.003-acre site is an Urgent Psychiatric Care Center that pairs well with the borrower’s intended use. Since acquiring the site, the borrower successfully obtained the desired zoning change to allow the construction of this facility and has begun construction on the site. As of January 2020, the borrower was almost finished with the demo of the interior of the building. It is anticipated the facility will be completed and operational by the end of 2020. Once the building is operational, it will be managed by ERS1 Management who is led by Ron Stewart. The management team has a combined experience in the senior healthcare arena of over 150 years. Loan Amount: $6,800,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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

Back In The Saddle, LLC #4634 | NEVADA – FUNDED

The collateral for this loan is 9.25 acres of land in Sloan, NV (approximately 20 miles south of Las Vegas, NV). The borrower is acquiring two separate parcels from two separate sellers. It is the intent of the borrower to work with the city to get the zoning approval for an industrial development. Once the zoning is approved, the borrower will pay the loan off before obtaining a construction loan for a 174,600 square foot industrial building. The principals of the borrower have worked in the industrial real estate sector of Las Vegas for a combined four decades. Loan Amount: $2,570,000 Yield: 11.0% 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

Gold Rose Construction, LLC #4633 | NEVADA – FUNDED

The collateral for this loan is an 8,536 square foot home located in Northern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV). The home consists of 11 rooms, 4 bedrooms, and 4.25 baths. Additional features of the home include 3 fireplaces and an 8-car garage. The most important feature of the home is the 4.13-acre lot the home sits on. Most homes in this area are on half acre lots. Given the size of the lot, the borrower plans on working with the city to allow 4 lots to be built. If approved, this will unlock a considerable amount of value. Loan Amount: $1,600,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.

Harmony Homes Nevada, LLC #4632 | NEVADA – FUNDED

First Trust Deed collateralized by 8.08 net acres of land located near the Southeast corner of Lawrence St and Hammer Lane in North Las Vegas, NV (roughly six miles north of Las Vegas, NV). The community is well located near shops and amenities for potential homeowners. This parcel of land is going to piggyback off Harmony’s other community adjacent to this one, known as the Northridge Community. Northridge is about 70% completed and consists of 119 homes that average 1,700 square feet and are selling for an average of $290,000. This new community will consist of the same size homes and will sell for the same amount. It is anticipated that the borrower will begin the development in late summer and begin selling homes in this community late in 2020. Loan Amount: $1,508,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.

Dixon SPE, LLC #4631 | WASHINGTON – FUNDED

First Trust Deed collateralized by a 73,000 square foot shopping center in Port Orchard, WA (about 18 miles west of Seattle, WA via a ferry). Built in 1968, this retail center needs a face lift in order to bring the occupancy over its current levels of 25%. The borrower already has signed agreements with two tenants to lease 30,000 square feet which will increase the occupancy to 68%. The borrower is also in talks with two other tenants that would bring the center to an occupancy over 90%. Current tenants include Papa John’s Pizza, South Park Pharmacy, Long John’s Barber, 5 Star Laundry, and South Park Cleaners. The net operating income (NOI) should increase from its current level of $193,000 to over $682,000. This is of the utmost importance since the NOI is the basis of what most commercial building sale for. Given this new NOI and a local market capitalization rate for this product type of 8%, the property should be worth over $9,000,000 when it is completed. In addition to the retail center, the borrower is also acquiring a 1.6-acre pad that he plans to sell to a multifamily developer which will also increase the value of the

Harmony Homes Nevada, LLC #4628 | NEVADA – FUNDED

First Trust Deed collateralized by 37 finished residential lots 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 community is well located near shops and amenities for potential homeowners. Since acquiring the site in September of 2017, the borrower has successfully worked with the city to get approval for the 81-lot community. In addition, the borrower has finished all the onsite and offsite improvements. Additionally, the borrower has sold and closed half of the 81 total lots in the community for an average sales price of nearly $260,000 for each of the 1,700 square foot units. Loan Amount: $1,670,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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. Click here to view the onsite video.

Lake Las Vegas 24, LLC #4627 | NEVADA – FUNDED

First Trust Deed collateralized by six partially constructed 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 seven remaining lots that are unsold. Since acquiring the property in December of 2017, the borrower worked with the city to get the building plans reapproved based on the new building codes. After obtaining building approval for all 24 lots, the borrower has successfully built, sold, and closed 12 of the units. These sales have ranged between $365,000 and $499,000. Of the 24 lots that were acquired by the borrower, 12 are now owned by end users, five are under contract to be sold, and seven remain unsold. Two of the six units in first position on this loan are presold and four are being constructed without being presold. It is anticipated construction will be completed in May of 2020. This loan also will be in second position on another six units that are 70% complete which is not considered on the LTV shown below. Loan Amount: $1,600,000 Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) Interest is paid monthly in

Phoenix Tucson Retail Partners One, LLC #4626 | ARIZONA – FUNDED

First Trust Deed collateralized by a nearly 90,000 square foot shopping center in Tucson, AZ (about 120 miles south of Phoenix, AZ). The site is anchored by PETCO and has nine other tenants but has a total vacancy of 50%. The three freestanding single-story buildings are situated on over 10 acres of land that includes 450 parking spaces. Due to the current owner’s unwillingness and inability to spend additional money on tenant improvements, the property has seen the occupancy suffer over the past three years. As part of this loan, the borrower will receive over $1,000,000 for tenant improvements which will enhance the value of the project by reducing the vacancy of the property. The current listing broker has a few tenants that are looking to occupy the building. In addition to money for tenant improvements, there is about $1,000,000 that will be utilized to fix deferred maintenance and general capital expenditures to improve the overall site. Loan Amount: $4,700,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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 nine-month extension periods

Harmony Homes Nevada, LLC | NEVADA – #4625 – FUNDED

First Trust Deed collateralized by 11.03 gross acres (10.19 net acres) of residentially zoned land near the corner of Boulder Hwy and Lake Mead Pkwy in Henderson, NV (approximately 16 miles southeast of downtown Las Vegas). The borrower is purchasing the property from the masterplan developer once the site plan has been approved (anticipated on 12/12/19). The site plan allows for 142 townhome lots in four, six, and eight-plex configurations to be built. The development work is expected to begin in the spring on 2020 with an estimated cost of $5,800,000. With an average sales price of $247,000 per unit, the borrower will be one of the lowest priced builders in the area. Home construction is anticipated to begin in September of 2020. Loan Amount: $2,800,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.

Lokal BR7 LLC #4624 | COLORADO

The collateral for this second trust deed loan consists of 18 finished single-family residential lots located in Commerce City, CO (approximately 20 miles northeast of Denver, CO and 12 miles west of Denver International Airport). These 18 lots are part of a larger 151 lot community know as Buffalo Run Filing 7. Approximately 100 single-story ranch style homes have been sold in the community with an average price of $550,000. Filing 7 is the last takedown within a larger community know as Buffalo Run that the borrower has already completed the development, construction, and ultimate sale of over 400 homes. The borrower has already begun construction on the 18 homes on the finished lots and anticipates closing these homes in the next 12 months after origination of this loan. It is anticipated the borrower will completely sell out of the community within eighteen months. Loan Amount: $918,000 Yield: 11.0% (Principal Balance ≥ $100,000); 10.5% (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.

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