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Mosaic Seven, LLC Loan #4646 | NEVADA – FUNDED

First Trust Deed collateralized by a four-acre parcel of land that is currently zoned RE for which would allow the development of 8 residential lots. As it currently stands, the parcel of land has a dilapidated home that will need to be torn down when the development work begins. It is anticipated the property will be up zoned later to RS-8 which would allow the development of 25 homes. This area of Las Vegas has recently seen an uptick in land sales as national homebuilders enter this submarket. All the utilities are to the site with adequate capacity for the proposed increase in density. Loan Amount: $2,200,000 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.

Vegas Care Partners, LLC #4645 | NEVADA – FUNDED

First Trust Deed collateralized by a 1.49-acre parcel of commercially zoned land approximately 6 miles east of downtown Las Vegas, Nevada. Since acquiring the site in June of 2018, the borrower has successfully worked with the city to obtain the proper approvals for the development, and ultimate construction of the behavior health facility. The facility will have 24 client units with a total of 44 rentable beds covering just over 16,000 square feet. 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 9-month extension period at maturity.

Harmony Homes Nevada, LLC #4644 | NEVADA – FUNDED

First Trust Deed collateralized by 43 mostly finished residential lots near the corner of Tropicana Ave and Boulder Hwy in Las Vegas, NV (approximately 10 miles from downtown Las Vegas). Since acquiring the property in September of 2018, the borrower has successfully obtained approval for the development of a 43-lot subdivision and subsequently completed 90% of the development work. The lots are roughly 0.6 acres in size which conforms to that of the surrounding communities. Although the grand opening of this project isn’t until mid-March 2020, the borrower has begun preselling the community and has already completed the construction of four model homes. Homes are anticipated to sell between $200,000 and $260,000 with square footages ranging from 1106 square feet to 1597 square feet. Loan Amount: $2,225,000 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 6-month extension period at maturity.

ME 52 Partners, LLC #4643 | NEVADA – FUNDED

First Trust Deed collateralized by five acres of land which is approximately 18 miles southwest of downtown Las Vegas, NV. The buyer is also under contract to acquire the five acres directly to the south of this property as well (not part of the collateral of this loan). It is the intent of the borrower to finish the entitlement process to enable 55 attached townhomes to be constructed on this site. The zoning for the site directly to the south of this project has already been granted this same zoning, so the real question is when the zoning will be approved? It is anticipated the zoning change will be completed in late summer of 2020 and the tentative map concurrently approved. Once the tentative map is approved and the grading permit is ready, it is the intent of the borrower to pay off the loan. Loan Amount: $1,750,000 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 period at maturity.

Vita Watt Surprise, LLC #4641 | ARIZONA – FUNDED

The collateral for this loan is 15.09 acres of land on the Southwest corner of W Cactus Rd and N Reems Rd in Surprise, AZ (approximately 30 miles northwest of downtown Phoenix, AZ). Since the borrower went under contract to acquire the site 15 months ago, they have successfully worked with the city to approve a 150-unit apartment complex. Of the 150 units, 22 are studio apartments (15%), 38 are one bedroom (26%), and 90 (59%) are two-bedroom units. The borrower anticipates receiving their grading permit and construction loan in six months, at which point the loan will be paid off. The construction loan for this project will go towards the total project cost of $30,000,000. Loan Amount: $3,000,000 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.

Harmony461, LLC #4637 | NEVADA – FUNDED

First Trust Deed collateralized by 26 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 home buyers in the area want in the form of floor plans and price points. With that said, this 119-lot community known as Northridge will have an average sales price of $290,000 and average 2,000 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: $1,274,000 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.  

Harmony Homes Nevada, LLC #4638 | NEVADA – FUNDED

First Trust Deed collateralized by 30 acres of land located near Highway 215 and Centennial Parkway in Las Vegas, NV (roughly 18 miles Northwest of downtown Las Vegas, NV). The community is well located near shops and amenities for potential homeowners. Since winning the Bureau of Land Management auction in September of 2019, the borrower has begun work with the city to get the property zoned to allow the development of a 336-lot community. Although the final approvals have not been obtained, the borrower is acquiring the property with the expectation of starting site work in September of this year. Development work is expected to be completed in July of 2021 at which point home sales will begin. The sale prices of the town homes are expected to start at $250,000 and average 1,300 square foot per unit. Loan Amount: $7,400,000 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.

Vita Watt Elliot, LLC #4636 | ARIZONA – FUNDED

The collateral for this loan is 22.51 acres of land near the Northeast corner of 59th Ave and Elliot Rd in Phoenix, AZ (approximately 15 miles southwest of downtown Phoenix, AZ). Since the borrower went under contract to acquire the site over a year ago, they have successfully worked with the city to approve a 249-unit apartment complex. Of the 249 units, 38 are studio apartments (15%), 62 are one bedroom (25%), and 149 (60%) are two-bedroom units. The borrower anticipates receiving their grading permit and construction loan in six months, at which point the loan will be paid off. The construction loan for this project will go towards the total project cost of $46,000,000. Loan Amount: $3,800,000 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 period at maturity.  

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

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