FacebookTwitterLinkedInYouTube

Funded Investments

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 |November 10th, 2020|Funded Investments|0 Comments
Read More

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 |November 8th, 2020|Funded Investments|0 Comments
Read More

Delta Quad Holdings, LLC #4812 | Missouri – FUNDED

The collateral for this loan is a 1.92-acre site that has a 21 story, 371,454 square foot building on it. Located in the heart of Kansas City, Missouri, the building which was originally constructed in 1921 as the headquarters of one of the twelve regional Federal Reserve Banks but has been vacant since 2008 when the bank moved to new offices. Since acquiring the property, the borrower has worked within the guidelines established for rehabilitating historic buildings. By working within the guidelines, there are some federal tax credits that the borrower will be able to obtain. Additionally, they have continued to work on the asbestos remediation on the property which is anticipated to be completed in a few months. According to the borrower, over $37,000,000 has been spent on the project to date. Loan Amount: $6,500,000 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 |November 2nd, 2020|Funded Investments|0 Comments
Read More

Sequoia Homes, LLC #4810 | 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 acquiring the property in July of this year, they have worked with the city and county to allow for the construction of a home on the site. The building plans call for a 4,139 square foot home to be constructed. The home will consist of four bedrooms and four and a half bathrooms. The square footage does not include the four-car attached garage. Although the property is not presold, the borrower will engage a brokerage company to market the property for sale once the construction begins. Loan Amount: $680,000 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. Value: $1,240,000 based on a BPO done by Mosaic Commercial Advisors on 10/29/2020. LTV: 55% based off the BPO shown above.

By |October 30th, 2020|Funded Investments|0 Comments
Read More

Grays Development Company, Inc. #4802 | Colorado – FUNDED

The collateral for this loan consists of seven superpads that will allow for the ultimate construction of eight condos per pad (56 condo units in total) which are located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 56 condo units are part of a larger condo project that already has 40 units constructed. Because the project has a stigma as a broken development along with the previously onerous construction defect laws, most developers have steered clear of this project. Lokal Homes has purchased a few of these types of projects throughout the Denver metro area with great success. Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more buildings 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 an optional 9-month extension period at maturity.

By |October 21st, 2020|Funded Investments|0 Comments
Read More

North Pass, LLC #4801 | NEVADA – FUNDED

First Trust Deed collateralized by 4.72-acres of land that is currently zoned Neighborhood Commercial. Located approximately 15 miles southeast of downtown Las Vegas and very near the prestigious master plan community of McDonald Highlands in Henderson, Nevada, the site sits across the street from the “Pass at Black Rock”. The Pass at Black Rock is the brainchild of the borrower who is currently working with the city to approve this mountain bike park. Directly south of the site is a 122-lot community that the borrower has worked through since late 2017. In addition to the collateral shown above, the borrower is working with the City of Henderson on a land swap that will add six finished lots to the collateral once completed (summer 2021). 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 1 st of each month with a 10-day grace period. Term: 6 months with one optional 6-month extension period at maturity.

By |October 20th, 2020|Funded Investments|0 Comments
Read More

Village at St Rose, LLC #4800 | NEVADA – FUNDED

First Trust Deed collateralized by a 12.5-acre parcel of land approximately 13 miles south of downtown Las Vegas, NV. Since acquiring the property in late 2018, the borrower has continued to work with local city and county officials to get the property zoned for its intended use. Now that the property zoning of “mixed use” is in place, they have continued to work with officials to get the tentative map approved for a 300,000 square-foot development that will feature a mix of retail, office and medical space. Although leasing is ongoing, the borrower is in advanced negotiations with the anchor tenant, a major, national health care provider, which intends to occupy over 50% of the space. In addition to refinancing the existing acquisition loan, money will be used for the continued development of the project in preparation for the construction of the mixed-use building. Loan Amount: $12,500,000 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 nine-month extension period at maturity

By |October 8th, 2020|Funded Investments|0 Comments
Read More

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.

By |September 29th, 2020|Funded Investments|0 Comments
Read More

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

By |September 25th, 2020|Funded Investments|0 Comments
Read More

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

By |September 23rd, 2020|Funded Investments|0 Comments
Read More
Ignite Funding, LLC | 6700 Via Austi Parkway, Suite 300, Las Vegas, NV 89119 | P 702.739.9053 | T 702.919.4281 | F 702.922.6700 | NVMBL #311 | AZ CMB-0932150 | | Money invested through a mortgage broker is not guaranteed to earn any interest and is not insured. Prior to investing, investors must be provided applicable disclosure documents.
FacebookTwitterLinkedInYouTube
loading