First Trust Deed collateralized by 10 lots within an approximately 9.06 acre of partially improved residential land. This parcel of land represents the next phase of the Daybreak community, located approximately 8 miles east of Las Vegas, Nevada. The property consists of 57 lots that are roughly .12 acre in size. All development has been completed to the lots and the borrower has been selling homes in this phase of the community for that past six months. Harmony Homes has almost sold out of the first phase of the community which they have been selling since 2010.
Loan Amount: $652,000
Yield: 10.00% (Principal Balance < $100,000); 10.25% (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.