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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

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.

Lokal BR7 LLC #4623 | COLORADO

The collateral for this loan consists of four 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 four 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 take down 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 not begun construction on the four finished lots but anticipates starting construction within 30 days after origination of this loan. It is anticipated the borrower will completely sell out of the community within eighteen months. Loan Amount: $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: Nine months with an optional nine-month extension at maturity.

GGD Oakdale, LLC #4622 | OREGON – FUNDED

First Trust Deed collateralized by a nearly 110,000 square foot shopping center in Gresham, OR (about 18 miles east of Portland, OR). The site is anchored by Walmart Neighborhood Market and has an overall vacancy of 27%. 25,000 square feet of the vacancy will be eliminated when the borrower acquires the site because he already has a gym ready to occupy the space in four months, once tenant improvements are completed. Another value creator that the borrower will be able to achieve is renewing the existing Walmart into a longer-term lease. With the current lease set to expire in 2022, a new 10-year lease will create significant value for the property. Loan Amount: $8,000,000 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 period at maturity.

Big Red Holdings, LLC #4621| UTAH – FUNDED

The collateral for this loan is approximately 1.3 acres of land located in Draper, UT (approximately 18 miles south of Salt Lake City, UT). Since acquiring the home that sits on the large plot of land about a year ago, the borrower has worked with the city to get approval for a four-lot community. In about two weeks from the funding of this loan, the borrower will begin the demolition and development of the four lots that will average 0.3 acres each. Also included in the loan proceeds is money to build two homes of roughly 4,000 square feet each. The borrower will be asking $950,000 for each of the two homes and nearly $300,000 if someone wanted to buy one of the two finished lots. Loan Amount: $1,773,000 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 extensions at maturity.

Harmony461, LLC #4620 | NEVADA – FUNDED

First Trust Deed collateralized by 9 approximately 0.09 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 homebuyers in the area want in the form of floor plans and price points. With that said, this 119lot community known as Northridge will have an average sales price of $280,000 and average 2,300 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: $416,000 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.

FIG Village at Parkside LLC #4619 | IDAHO – FUNDED

The collateral for this loan is approximately 18 acres of land that will consist of 236 townhome lots located in Meridian, ID (approximately 14 miles west of Boise, ID). Most of the 236 units are presold as investment properties to the borrower’s clients. Since acquiring the property in June of 2019, the borrower received final approval from the city to begin development work on the community. Additionally, 90% of the underground utilities (water, gas, electric, sewer) have been completed and should be finished by the time this loan funds. Streets, curbs, and gutters are expected to be completed by the beginning of November. It is anticipated the borrower will begin vertical construction of the townhomes before the end of the year which would start the partial pay downs of the loan. Loan Amount: $4,800,000 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: Nine months with an optional six-month extension at maturity.

Harmony Homes Nevada, LLC #4618 | NEVADA – FUNDED

First Trust Deed collateralized by 4.79 net acres of residentially zoned land near the corner of Tropicana Ave and Boulder Hwy in Las Vegas, NV (approximately 10 miles from downtown Las Vegas). Since putting the property under contract in January of 2018, the borrower has successfully obtained approval of a tentative map allowing for the development of a 43-lot subdivision. The lots are roughly 0.6 acres in size which conform to the zoning of surrounding communities. It is anticipated that the borrower will begin development work during the fourth quarter of 2019, complete development in the spring of 2020, and begin selling homes in the summer of 2020. Homes are anticipated to sell between $190,000 and $240,000. Loan Amount: $650,000 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.

FIG Laguna Farms, LLC #4617 | IDAHO – FUNDED

The collateral for this loan is nearly 25 acres of land that will consist of 312 townhome lots located in Nampa, ID (approximately 19 miles west of Boise, ID). Most of the 312 units are presold as investment properties to the borrower’s clients. The final plat map is in the process of being approved by the city and is a condition to closing that must be satisfied to the buyers liking before closing will occur. It is anticipated the borrower will refinance this loan into a development loan in about 120 days after closing at which point, they would have already completed over $1,000,000 of site work. This loan could have paydowns once the development work is completed but before the construction work begins. Loan Amount: $3,400,000 Term: Nine months with no optional extension at maturity. 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.

Whitaker Farm Development, LLC #4616 | UTAH – FUNDED

First Trust Deed collateralized by roughly 80 acres of farmland which will be developed into 50 estate sized lots. Since working with the land seller about a year ago, our borrower has been working with the city to get approval for the development of a 50-lot residential development. As one of the last projects located along the Provo River, the projects has already drawn a tremendous amount of interest. With only the aid of a website and no real marketing efforts, the project is already more than half reserved. These reservations include all the high-priced lots next to the river. Although the borrower has taken many reservations, no earnest money deposits have been taken in accordance with Utah law. Once the development agreement is adopted by the city, the borrower will legally be allowed to accept earnest money deposits. The city will adopt the development agreement once the development funds are paid. In total, about $6,000,000 of the loan proceeds will be used for the development bond which is the final step to move toward moving dirt and taking nonrefundable deposits from the lot buyers. Loan Amount: $12,500,000 Yield: 11.0% Interest is paid monthly in arrears with payments due on

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