First Trust Deed collateralized by ten fully developed residential lots in Odessa, TX (about 350 miles west of Dallas, TX and 140 miles south of Lubbock, TX). Ranked as one of the fastest growing micro cities in America, there is a need for new housing supply in this area. The borrower on the loan is acquiring the 10 approximately 0.13 acre lots and has a contractor building each of the units. Each of the 10 units average 1,820 square feet and are three bedrooms with two bathrooms. It is the current intent of the borrower to lease up the units and then sell them to their investors
Master Loan Amount: $2,530,000
Yield: 10 % 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. Final maturity date is 12/13/23
