First Trust Deed collateralized by approximately 6.87 acres 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 currently has a tentative map in place to allow for the development of 99 lots roughly .12 acre in size of which this loan will encumber 40 of them. 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). The final map is anticipated to be recorded in November of 2016 and development will be finalized in March of 2017. Harmony Homes has almost sold out of the first phase of the community which they have been selling since 2010.
Loan Amount: $800,000
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.