First Trust Deed collateralized by 13 residential single family lots. These lots represent the last 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 13 lots in release section 5, 6 & part of 1, specifically lots 1 through 3, 22, 23, 28 through 31, 35, and 38 through 40. The development is anticipated to be completed by the August of 2016. The grand opening for the community was in February of 2016 and they have already sold 10 of the lots.
Loan Amount: $886,600
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: Six months with an optional six month extension at maturity.