Funded Investments Archives

Harmony Homes Nevada, LLC #4890 | NEVADA – (SOLD OUT)

First Trust Deed collateralized by 54 mostly completed residential lots 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 community is going to piggyback off Harmony’s other community adjacent to this one, known as the Northridge Community. Northridge is nearly 100% completed and consists of 119 homes that average 1,700 square feet and are selling for an average of $300,000. This new community will consist of the same size homes and will sell for about the same amount. Currently the community has all 30 lots reserved that are currently available for reservations. The remaining 24 lots will be made available in the next two months and some of those have a waiting list. Loan Amount: $3,402,000 Yield: 10% 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.

By Izzy|January 15th, 2021|Funded Investments|0 Comments

Gallery
Harmony Homes Nevada, LLC #4831 | NEVADA – FUNDED

Harmony Homes Nevada, LLC #4831 | NEVADA – FUNDED

First Trust Deed collateralized by 10.2 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, NV). The borrower purchased the property from the masterplan developer after the site plan had been approved in December of 2019. The site plan allows for 142 townhome lots in four, six, and eight-plex configurations to be built of which this loan encumbers a total of 58. The development work began in the spring of this year and it is estimated to be completed next month for a 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 2021. Loan Amount: $2,726,000 Yield: 10% 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.

By Izzy|December 29th, 2020|Funded Investments|0 Comments

Gallery
Harmony Homes Nevada, LLC #4826 – FUNDED

Harmony Homes Nevada, LLC #4826 – FUNDED

First Trust Deed collateralized by 10.2 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, NV). The borrower purchased the property from the masterplan developer after the site plan had been approved in December of 2019. The site plan allows for 142 townhome lots in four, six, and eight-plex configurations to be built of which this loan encumbers a total of 84. The development work began in the spring of this year and it is estimated to be completed in six months for a 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 2021. Loan Amount: $1,604,400 Yield: 10% 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.

By Izzy|December 28th, 2020|Funded Investments|0 Comments

Gallery
GGD Oakdale, LLC #4825 | KANSAS – FUNDED

GGD Oakdale, LLC #4825 | KANSAS – FUNDED

First position loan collateralized by a single tenant big box retail building totaling 45,000 square feet in Topeka, Kansas (about 70 miles west of Kansas City, KS). The property is currently 100% occupied to Dick’s Sporting Goods which is a national credit tenant with a market cap of over 4 billion (as of 12/11/2020). This corporate guaranteed lease was recently extended and runs through 2027. Since occupying the property in 2001, the tenant has extended their lease on three separate occasions showing a strong commitment to the site. The base rent of $416,000 is set to increase to $436,000 in 14 months. With this being a “Net Net lease”, the tenant is responsible for the real estate taxes, property insurance, and the common area maintenance. The owner of the property is then responsible for the roof and structure of the building. Loan Amount: $4,100,000 Yield: 12% total interest. 8% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. An additional 4% interest is paid upon the final loan payoff. Term: Nine months with an optional nine-month extension at maturity.

By Izzy|December 27th, 2020|Funded Investments|0 Comments

Gallery
Green Level West II, LLC #4824 | North Carolina – FUNDED

Green Level West II, LLC #4824 | North Carolina – FUNDED

The collateral for this loan is an approximately 10-acre site that will be entitled to allow for the construction of a 74-unit apartment building. This acquisition sits contiguous to two separate properties the borrower has under contract which will total over 40 acres. Since this closing must happen before year end, the borrower is using Ignite to help finance the acquisition while the entitlements are completed on the whole 40 acres of land. The other two properties the borrower has under contract will not close until the entitlement process is completed which is currently estimated to be in September. On the other side of the property construction has begun on over 1 million square feet of medical space that is owned by Duke Health. The city has already expressed a desire on their master plan to make this corridor the new “heart” of the city which bodes well for the long term viability of the project and the short term needs to get the property entitled. Loan Amount: $2,810,000 Yield: 11% - 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

By Izzy|December 11th, 2020|Funded Investments|0 Comments

Gallery
Harmony Homes Nevada, LLC #4818 | NEVADA – FUNDED

Harmony Homes Nevada, LLC #4818 | NEVADA – FUNDED

First Trust Deed collateralized by nearly 9 acres of residentially zoned land near the corner of Lake Mead Pkwy and Warm Springs Road in Henderson, NV (roughly 17 miles southeast of downtown Las Vegas). The land is currently zoned PC (Planned Community) which will allow for the development of 18 homes on the site, but the borrower is working with the city to approve a 94-lot community. Although this zoning has been informally approved, it will not become official until the recording (a few more weeks). Additionally, a tentative map has been approved to allow for the construction of the 94 attached townhome units. This is the second community in this area the borrower has done with the exact same floor plans. In about nine months, the borrower will begin the development work on the land which is expected to cost nearly $4,500,000. The first home will not be made available for approximately one year. With plans ranging from 1121 - 1711 square feet and price points of under $250,000, these townhomes will help fill the demand for the entry level buyer. Master Loan Amount: $2,444,000 Tranche Loan Amount: $611,000 Yield: 10.00% (Principal Balance < $100,000) Interest is paid monthly

By Izzy|December 3rd, 2020|Funded Investments|0 Comments

Gallery
Lokal Registry Ridge Towns, LLC | Colorado – FUNDED

Lokal Registry Ridge Towns, LLC | Colorado – FUNDED

The collateral for this loan consists of 43 fully developed residential lots located in Fort Collins, CO (approximately 60 miles north of Denver, CO). These 43 lots are part of the original 74 lots the borrower acquired. Since acquisition in 2018, the borrower has sold 31 of the homes. Remaining from the original 74 lots are seven single family home lots and 36 townhome lots. Homes in the community have been selling for about $400,000 for the townhomes and $550,000 for the single-family homes. Given the current sales velocity of three units per month, the borrower anticipates selling out of the community in roughly 14 months. Loan Amount: $2,734,000 Yield: 10.5% (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: 9 months with an optional 9-month extension period at maturity.

By Izzy|November 19th, 2020|Funded Investments|0 Comments

Gallery
GGD Oakdale, LLC #4815 | WISCONSIN – FUNDED

GGD Oakdale, LLC #4815 | WISCONSIN – FUNDED

First Trust Deed collateralized by an approximately 30,000 square foot single tenant commercial building occupied by Best Buy in Kohler, WI (about 50 miles north of Milwaukee, WI). Since the property was originally built in 2006, Best Buy has been the only tenant. Given the initial lease term is set to expire in 2023, our borrower was able to acquire the site via an online auction at a steep discount to intrinsic value. The seller, an affiliate of US Bank, took the property back via foreclosure of their $5,225,000 deed of trust. After the property was originally appraised for $6,600,000, the original owner made their monthly payments to the bank until 2017 at which point it went into a default status. As it currently stands, the Best Buy continues to pay over $30,000 per month in rent and is responsible for the building maintenance, property taxes, and insurance. Our borrower has already begun discussions with Best Buy to sign a new, long term lease. Once this is accomplished, he would then sell the property via more traditional avenues. Loan Amount: $2,450,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments

By Izzy|November 10th, 2020|Funded Investments|0 Comments

Gallery
The Herbert, LLC #4814 | NEVADA – FUNDED

The Herbert, LLC #4814 | NEVADA – FUNDED

The collateral for this loan is 0.32 acres of land located in the heart of the Art’s District of Las Vegas (an area within downtown Las Vegas). Since acquiring the property in November of 2019, the borrower has worked with the city to allow for the construction of a two story, 9,189 square foot mixed-use building in this trendy part of town. As of this writing, the building is 60% completed and should be fully completed by the end of January 2021. The property is approximately 30% preleased and the borrower is working on LOI’s for another 20% of the project. The tenant mix will include one restaurant (a preleased tenant) and small executive suit style offices to accommodate businesses who do not need very much space (typically around 1,000 square feet per lease). Loan Amount: $2,250,000 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.

By Izzy|November 10th, 2020|Funded Investments|0 Comments

Gallery
First Sloan Industrial Center, LLC #4813 | NEVADA – FUNDED

First Sloan Industrial Center, LLC #4813 | 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 the property from a related entity which originally acquired the 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 obtain 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: $2,600,000 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: Nine months with an optional nine-month extension at maturity.

By Izzy|November 8th, 2020|Funded Investments|0 Comments