First Trust Deed collateralized by approximately 10.02 acres of partially improved residential land. This parcel of land represents the next phase of the Talus community, located approximately 8 miles east of Las Vegas, Nevada. The property currently has a tentative map in place to allow for the development of 66 lots roughly .12 acre in size. As it currently stands, the lots are graded but not all of the underground work has been completed, nor any of the finishing work (curbs, gutters, and streets). Development work on the entire site will continue through the anticipated completion in December of 2016. Harmony Homes has almost sold out of the first phase of the community which they have been selling since 2010.
Loan Amount: $1,470,000
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: 6 months with one optional 6 month extension period at maturity.