First Trust Deed collateralized by approximately 5.41 acres of partially improved residential land. This parcel of land represents the next phase of the Sunrise Highlands community, located approximately 9 miles east of Las Vegas, Nevada. The property currently has a map in place to allow for the development of 40 lots of which this loan will be encumbering 10 lots; specifically lots 4-11, 36 and 37. The development is anticipated to be completed by the summer of 2016 with; the Grand Opening is planned for 3/26/16. The property was acquired for $920,000 and has a project development budget of $2.2 million. Harmony Homes has sold out of the first phase of the community which they have been selling since 2010. Proceeds will be used towards the refinance of the property and development of the lots, including closing costs and fees, prepaid interest.
Loan will be repaid upon the sale or refinance of the property. Investor’s principal balance may decline over the life of the loan with principal pay-downs due to individual lot sales once development is complete in the amount of $71,500 per lot, which equates to roughly 105% of par value.
Loan Amount: $682,000
Yield:(principal value > $100,000): 10.25%
Yield:(principal value < $100,000): 10.00%
Term: Six Months with an optional six month extension at maturity.
These investment are on a first come, first serve basis.
Contact an Investment Agent for additional details.