First Trust Deed collateralized by 4.54 net acres of commercially zoned land in Enterprise, NV (located approximately 17 miles southwest of Las Vegas, NV). The borrower recently purchased the property directly to the east of this site and has already begun the initial development of the site turning it into a tavern with a gaming license. Since late in 2016, the borrower has been working with local municipalities in order to get a tentative map in place on the collateral of this loan allowing for 28,550 square feet of commercial space. The space will be broken down into five different pads that will include two fast food restaurants, one convenient/gas store, and two inline retail spaces.
Loan Amount: $2,400,000
Yield: 10.25% (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.