Funded Investments

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Rhino Holdings Nampa, LLC #4599 | IDAHO – FUNDED

First Trust Deed collateralized by an approximately 367,000 square foot mall in Nampa, ID (about 22 miles west of Boise, ID). Current tenants in this mall include national brands such as Big 5 Sporting Goods, Ross Dress for Less, and Jo-Ann Fabric as well as 30+ local tenants. The property is currently operating at a 36% vacancy however retail vacancy for this market is about 10%. Do to the declining consumer appetite for traditional mall space, it is the borrower’s intent to demolish a portion of the mall and turn it into a lifestyle center. To do this, the borrower will demolish approximately 30% of the in-line shop space and remove most of the interior corridors. In addition, the borrower will renegotiate leases with two of the big tenants to move their space as well as increase the duration of their lease. On top of that, the borrower will bring in two big box tenants to absorb a large amount of the vacant space. Given this property has more vacancy than the surrounding properties, it is the borrower’s intent to lease up the remaining space before he puts the property on the market for sale. Loan Amount: $11,000,000 Yield: 10.5%

Mosaic Seven, LLC #4598 | NEVADA – FUNDED

The properties consist of 7.5 acres of land which was purchased by the borrower in 2016 from the Bureau of Land Management (BLM). Since that time, the borrow has gone through many different rounds of negotiations with the county over land use to get the property rezoned. As of today, the plan is getting a rural subdivision approved to allow for the development and construction of 13 homes. It is anticipated that the property will be fully entitled and ready to develop by the end of the year at which point the borrower will enter into a joint venture agreement with a local homebuilder. Loan Amount: $1,150,000 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.

Lokal Homes, LLC #4597 | COLORADO – FUNDED

The collateral for this loan consists of a completed 2,587 square foot home located in Commerce City, CO (approximately 20 miles northeast of Denver, CO and 12 miles west of Denver International Airport). This home is part of a larger 78 lot community known as Outlook where homes have sold up to nearly $500,000. This last remaining lot in the community is lot number “79” after the city revised the subdivision plat map to remove a pocket park and give the builder an additional lot. This home consists of 3 bedrooms and 2.5 bathrooms and has a two-car garage with an extended patio. 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.

Lokal BR7 LLC Loan #4596 | COLORADO – FUNDED

The collateral for this loan consists of a partially completed 2,189 square foot home located in Commerce City, CO (approximately 20 miles northeast of Denver, CO and 12 miles west of Denver International Airport). This home is part of a larger 151 lot community known as Buffalo Run Filing 7. Homes will be priced around $500,000 and will solely consist of single-story ranch style homes. 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 330 homes. This home consists of 3 bedrooms and 2 bathrooms and has a four-car garage with an extended patio. Loan Amount: $470,000 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.

FIG Starwood Farms LLC #4595 | 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 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 within 100 days after closing at which point, they would have already completed over $1,000,000 of site work. This loan will have pay-downs once the development work is completed but before the construction work begins. Loan Amount: $2,600,000 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.

Bullhead Care, LLC #4594 | ARIZONA – FUNDED

First Trust Deed collateralized by a partially completed, 14,787 square foot geriatric behavioral hospital in Bullhead City, AZ which is approximately 100 miles southeast of Las Vegas, Nevada. The facility will have 14 client units with a total of 24 rentable beds. Directly across from this 3.57 acre site is an adult day care facility that pairs well with the borrower’s intended use. Since acquiring the site, the borrower successfully obtained the desired zoning change to allow the construction of this facility as well as began construction on the site. As of January 2019, the borrower was almost finished with the framing of the building. It is anticipated the facility will be completed and operational by the end of 2019. Once the building is operational, it will be managed by ERS1 Management who is led by Ron Stewart. The management team has a combined experience in the senior healthcare arena of over 150 years. Loan Amount: $5,600,000 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 one optional nine-month extension period at maturity. Video

Court Hampton Holdings #4593 | NEVADA – FUNDED

First Trust Deed collateralized by 16 mostly developed residential lots located in the Highlands community which is located ten miles east of Las Vegas, NV. Harmony Homes have sold out of the community directly to the west which they have been selling since 2010. The newly closed subdivision to the west had over 300 lots which were sold with an average sales price of $275,000 over the past year. This new community known as the Highlands consists of 94 lots which are roughly the same size as the previous community. The borrower intends to build the exact same homes that have sold in the previous community that range from 1,739 – 2,573 square feet and will start with an average sales price of $280,000. Loan Amount: $705,500 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.

Lokal Hyland Village #4592 | COLORADO – FUNDED

The collateral for this loan consists of 12 finished townhome lots located in Westminster, CO (approximately 13 miles northwest of Denver, CO). These 12 lots represent all the lots within the community that are unsold and not currently being constructed. The borrower initially purchased 53 finished lots starting in August of 2017 and has since sold 15 with an average sales price of $429,000. The borrower anticipates selling out of the community within 20 months. In the community, other home builders are currently selling single family homes that average over $500,000. There are no other options within a five-mile radius of this project to find new homes priced below $460,000. Loan Amount: $840,000 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 9-month extensions at maturity.

Lokal Hyland Village #4591 | COLORADO – FUNDED

The collateral for this loan consists of 26 finished townhome lots located in Westminster, CO (approximately 13 miles northwest of Denver, CO). These 26 lots represent all the lots within the community that are currently being constructed. The borrower initially purchased 53 finished lots starting in August of 2017 and has since sold 15 with an average sales price of $429,000. The borrower anticipates selling out of the community within 20 months. In the community, other home builders are currently selling single family homes that average over $500,000. There are no other options within a five-mile radius of this project to find new homes priced below $460,000. This loan is in a junior lien position to bank financing which is being used for the construction of the home. Loan Amount: $1,820,000 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.

Blue Heron Obsidian, LLC #4590 | NEVADA – FUNDED

First Trust Deed collateralized by a fully developed 0.3-acre lot in the Obsidian community which is approximately 18 miles south of downtown Las Vegas, Nevada. Obsidian is adjacent to the MacDonald Highlands Community which is nestled in the picturesque McCullough Mountains and has become one of the most sought after addresses in the Las Vegas Valley. Since acquiring the site in May of 2017, the borrower has finished approximately 80% of the development work on this 33-lot community. Of the 33 lots, 10 have been reserved, including three that the borrower is building model homes on. This loan will have a 5,750 square foot home built on it. Currently the borrower has completed approximately 30% of the home and it is anticipated they will finish the construction in July of 2019. Once completed, it will serve as a model home for the community until a buyer is found. Loan Amount: $1,980,000 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 nine-month extension period at maturity.

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