Funded Investments

Home/Funded Investments

Yuma Care, LLC #4799 | ARIZONA – FUNDED

First Trust Deed collateralized by a parcel of soon to be commercially zoned land approximately 170 miles east of San Diego, CA and 180 miles west of Phoenix, AZ. Once the borrower acquires the site, they will continue to work with the local municipalities to get the property entitled to allow the construction of a geriatric behavioral health facility. This will be the borrowers fifth such facility since 2011 with plans on doing two more each year. Once completed, the property will consist of 16,800 square feet facility with 24 beds. The total project costs are anticipated to be nearly $9,000,000 once construction starts in the first quarter of 2021. Additionally, Ignite was able to review the recently completed appraisal that shows the stabilized value of the project to be nearly $15,000,000. Loan Amount: $1,050,000 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 two optional nine-month extension period at maturity.

GGD Oakdale, LLC #4798 | GEORGIA – FUNDED

First Trust Deed collateralized by an approximately 82,000 square foot retail shopping center in Milledgeville, GA (about 95 miles southeast of Atlanta, GA and 93 miles southwest of Augusta, GA). Although the property is currently only 45% leased, the borrower is working with two tenants to occupy all the vacant space. The two new tenants are Harbor Freight (a national discount tool store) and Dunhams Sports (a reginal sporting goods store). Both new tenants are in retail sectors that have performed better in this coronavirus world than they did pre-pandemic. The existing tenants would include Aaron’s Rents, China Buffet, Citi Trends, and Baldwin Dialysis. Additionally, the borrower will work with the local municipality to get a pad site approved for a drive thru building. Loan Amount: $2,700,000 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 at maturity

GGD Oakdale, LLC #4797 | NEVADA – FUNDED

First Trust Deed collateralized by an approximately 62,000 square foot former BevMo! building which is part of the larger Still Water Plaza in Fallon, NV (about 61 miles east of Reno, NV). Although the property is currently vacant, the borrower has a lease ready to be signed with Harbor Freight to occupy 16,310 square feet. Once this new tenant is signed up (shortly after acquiring the property), the borrower will be left with 46,425 square feet of vacancy. There is new leasing broker working on filling the remaining space and they have had preliminary discussions with a grocery store, a Christian bookstore, and two smaller tenants. Other tenants in the plaza include Burger King, Wells Fargo Bank, Pizza Factory, Enterprise Rent-A-Car, Verizon Wireless, GameStop, and Jiffy Lube. Although these other tenants are not part of the collateral of the loan, they are all within the same shopping complex. The other space in the shopping plaza (which is owned by a different owner), have not had much of an issue with staying occupied unlike the building that the borrower is acquiring which has sat vacant for a few years. The prior ownership group was unrealistic in their rental rate expectations and

Midway Heritage Development, LLC #4796 | UTAH – FUNDED

First Trust Deed collateralized by roughly 24.9 acres of farmland which will eventually be developed into at least 160 townhome and cottage sized lots as well as a few commercial pads. This is the next phase of the successful Whitaker Farms project the borrower recently completed. Although the tentative map has not been approved, part of the site is already zoned to allow higher density townhomes. Over the next year, the borrower will work with the city to get a masterplan approved for the entire site that will eventually turn into a phased development. As of today, it is not anticipated for the development work to begin until June of 2021. Additionally, the borrower already has over 20 reservations for the townhomes and two of the commercial pads even though homes won’t be finished for at least 18 months. Loan Amount: $11,900,000 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: 9 months with one optional 9-month extension period at maturity.

Gold Rose Construction, LLC #4795 | NEVADA – FUNDED

The collateral for this loan will consist of an approximately half acre lot once the new parcel map has been assigned new, unique parcel numbers for the newly created lots. Additionally, the borrower will begin the construction of an approximately 7,000 square foot two story home and casita. Located in the Northern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV), this high-end home will consist of five bedrooms and seven bathrooms. Additionally, there will be a four-car garage and plenty of area for a pool. Loan Amount: $2,384,000 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.

Gold Rose Construction, LLC #4793 | NEVADA – FUNDED

The collateral for this loan will consist of an approximately half acre lot once the new parcel map has been assigned new, unique parcel numbers for the newly created lots. Additionally, the borrower will begin the construction of an approximately 7,000 square foot two story home and casita. Located in the Northern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV), this high-end home will consist of five bedrooms and seven bathrooms. Additionally, there will be a four-car garage and plenty of area for a pool. Loan Amount: $2,384,000 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.

4000 E Patrick Lane, LLC #4792 | NEVADA – FUNDED

The collateral for this loan is 1.07 acres of land in Las Vegas, NV (approximately nine miles southeast of downtown Las Vegas, NV). Since acquiring the site in January of 2019, the borrower has successfully zoned the property for Office and Professional. Additionally, they received an overlay of AE-60 which will allow for the development, and ultimately construction of, medical office condos. Once the 14,000 square foot building is constructed, it will be able to be sold as 14 individual medical office condos. Two of the members of the LLC are purchasing two of the condos when they are complete. Now that the grading permit is almost ready to be pulled, this construction loan will enable the borrower to move forward with the construction of the property. Loan Amount: $2,240,000 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.

GGD Oakdale, LLC #4791 | MICHIGAN – FUNDED

First Trust Deed collateralized by an approximately 136,000 square foot former Sears building which is part of the larger Jackson Crossing Shopping Mall in Jackson, MI (about 78 miles east of Detroit, MI). Current tenants in this mall include national brands such as Kohl’s, T.J. Maxx, Bed Bath & Beyond, Best Buy, and Target (these tenants occupy property inside the mall but not the collateral of this loan). Since acquiring the site in December of 2019, the borrower has demised the interior of the Sears building and updated the property to new building codes. Going forward, the borrower needs additional capital for the specific tenant improvements to the six new suites (the floor plan is on the next page). Tenants such as Hobby Lobby, Burlington, and Planet Fitness have all signed leases or letters of intent. These three tenants would occupy over 80% of the space and the remaining three smaller suites would be rented to local tenants once they are procured. With average lease rates of $7.00 per square foot, the property will generate enough cash flow to cover interest payments with just the three tenants already identified. Loan Amount: $6,100,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal

The Progressive Land Company, LLC #4746 | Colorado – FUNDED

The collateral for this loan consists of 44 partially developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 44 lots are part of a larger 221 lot community known as Victory Ridge which the borrower acquired about a year ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $340,000. This is the second of three takedowns the borrower has elected to take from the seller. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so in the coming months. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. Master Loan Amount: $3,124,000 Tranche Loan Amount: $71,000 Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. A breakdown of the lots is shown on the next page. Yield: 10.00% 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 two optional 9-month extension period at maturity.

Sequoia Homes, LLC #4745 | Nevada – FUNDED

The collateral for this loan is an .98-acre lot located in the Northwestern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV). Since putting the property under contract, the borrower has worked with the city to get the property subdivided into two separate parcels. Although this can be done, it is the borrower’s intent to proceed with building one roughly 3,500 square foot home. This loan would be refinanced into a construction loan in about three months once a permit is ready. Loan Amount: $159,000 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 no optional extension at maturity.

loading