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Dragonstone, LLC #4614 | NEVADA – FUNDED

First Trust Deed collateralized by a finished 1.26-acre residential lot located in the prestigious master plan community of McDonald Highlands in Henderson, Nevada. Since putting the property under contract about five months ago, the borrower has been working with the city and master plan developer to get approval of a lot split. It is anticipated that the final lot split will be recorded by November which will allow the borrower to sell the lots individually. Each of the two proposed lots will have unobstructed views of the Las Vegas valley, including the infamous Las Vegas strip. Each of the two proposed lots will be a half acre each with one of them having a long, secluded driveway approach to the future home. Loan Amount: $664,000 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.

Dragonstone, LLC #4613 | NEVADA – FUNDED

First Trust Deed collateralized by a finished .67-acre residential lot located in the prestigious master plan community of McDonald Highlands in Henderson, Nevada. Since putting the property under contract about five months ago, the borrower has been working with the city and master plan developer to get approval of a lot split. It is anticipated that the final lot split will be recorded by November which will allow the borrower to sell the lots individually. Each of the two proposed lots will have unobstructed views of the Las Vegas valley, including the infamous Las Vegas strip. Additional land will be added to this lot from the master-plan builder to make each of the two proposed lots a half acre each. Loan Amount: $1,286,000 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.

Cullum Homes Inc. #4612 | ARIZONA – FUNDED

First Trust Deed collateralized by a 2.6-acre parcel of land located in Paradise Valley, AZ (approximately 16 miles northeast of downtown Phoenix, AZ). The borrower acquired the land about a year ago and has since worked with the city to obtain a parcel split. The parcel split, which will happen in December 2019, will enable the development and ultimately the construction of two residential homes. Before the parcel split can be completed, the borrower will need to demolish the existing 4,000 square foot home. Once the demolition is complete and parcel split is finalized, the borrower will begin work on the private street to allow access to the back lot. Additionally, the borrower already has the front lot under contract which will create a paydown of $950,000. It is the borrower’s intent to sell the second lot to pay off the remaining loan. If they don’t find a buyer before the parcel split is completed, the buyer will obtain bank financing to complete the construction of the home. If this scenario happens, the loan would subordinate to the construction financing, effectively putting the investors capital into second position on the second lot. Loan Amount: $1,700,000 Yield: 10.5% (Principal Balance ≥

FIG Starwood Farms LLC #4609 | TEXAS – FUNDED

The collateral for this loan is approximately 26 acres of land that will consist of 244 townhome lots located in Cypress, TX (approximately 25 miles northwest of Houston, TX). Most of the 244 units are presold as investment properties to the borrower’s clients. The final plat map has been recorded and development work is ongoing. Since acquiring the site in March of this year, the borrower has completed the grading of the land and has installed most of the underground utilities including power, sewer, gas, electric, and water. With development scheduled to finish in September, it is anticipated the borrower will begin to payoff this development loan as construction loans are obtained for each of the fourplex’s. Loan Amount: $5,200,000 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.

Harmony Homes Nevada, LLC #4608 | NEVADA – FUNDED

First Trust Deed collateralized by 17 acres of residentially zoned land near the corner of Vegas Dr and Rancho Dr near North Las Vegas, NV (roughly five miles northwest of downtown Las Vegas). The land is currently zoned R-2 which will allow for the development of 34 homes on the site, but the borrower is working with the city to approve a 248-lot community. Since acquiring the site about a year ago, the borrower has continued to work with the city to approve a proposed 248 lot community as depicted on the next page. With home sales starting in mid-2020 averaging $210,000 and 1,500 square feet in size, it is anticipated the borrower will be sold out of the community by the end of 2023. Loan Amount: $2,106,000 Term: 6 months with one optional 6-month extension period at maturity. 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.

FIG Village at Parkside LLC #4607 | 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. 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: $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: Six months with an optional six-month extension at maturity.

Mosaic Seven, LLC #4606 | NEVADA – FUNDED

First Trust Deed collateralized by a 9.84 acre parcel of land that is currently zoned O-L for open land. The borrower already has the parcel of land under contract to sell to the adjoining landowner as they continue to work through a tentative map approval allowing for the construction of an industrial building. In the picture at the bottom of this page you can see where the 215 intersects the 15 in North Las Vegas. Although this interchange is not completely active right now, work will be completed shortly by the state of Nevada for the complete development of this interchange. This site will be one of the last sites for people to stop at before heading north on the 15 out of Las Vegas. Loan Amount: $1,250,000 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

Mosaic Seven, LLC #4605 | NEVADA – FUNDED

The property consists of 3.03 acres of land located off I-15 in North Las Vegas, NV (approximately 10miles northeast of Las Vegas, NV). There are two big drivers of value for this site. First, although the county records indicate a size of 3.03 acres, the updated survey shows 3.4 acres of land. This means the borrower is purchasing 12% more land, for no additional price per acre. Secondly, this piece is the last piece of an assemblage the borrower is doing in this area. The borrower already owns over 10 acres of adjoining land. This enables the borrower to realize additional value by economies of scale when selling to end buyers. The larger size also allows for many different users because of the configuration of the site. It is anticipated the borrower will complete the entitlement process in the next nine months and sell the property at that time. Additionally, the borrower is currently working with a buyer who is wanting to purchase the property for $1,350,000 once the entitlements have been completed. Although negotiations are early in the process, it is a good indication of the current value. Loan Amount: $900,000 Yield: 11.5% (Principal Balance ≥ $100,000); 11.0% (Principal

Lokal Shadow Canyon Condos #4603 | Colorado – FUNDED

The collateral for this loan consists of two finished condo lots, which will contain eight condos each, located in Highlands Ranch, CO (approximately 17 miles south of Denver, CO). These 16 units represent all the units within the community that are currently being constructed. The borrower initially purchased 128 partially finished lots in 2017 and has since sold 64 with an average sales price of $280,000. In total, the borrower still owns 64 lots, 16 of which are currently being constructed. The borrower anticipates selling out of the community within 26 months. This loan is in a junior lien position to bank financing which is being used for the construction of the condos. Loan Amount: $976,000 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: 9 months with an optional 9-month extension at maturity.

Lokal Shadow Canyon Condos #4602 | COLORADO – FUNDED

The collateral for this loan consists of six mostly finished condo lots, which will contain eight condos each, located in Highlands Ranch, CO (approximately 17 miles south of Denver, CO). These 48 units represent all the units within the community that have yet to be built on. The borrower initially purchased 128 partially finished lots in 2017 and has since sold 64 with an average sales price of $280,000. In total, the borrower still owns 64 lots, 16 of which are currently being constructed. The borrower anticipates selling out of the community within 26 months. Loan Amount: $2,544,000 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 an optional 9-month extension at maturity.

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