First Trust Deed collateralized by 17 developed residential lots located in the Daybreak community which is located nine miles east of Las Vegas, NV. The property currently has a tentative map in place to allow for the development of 41 lots roughly .12 acre in size of which this loan will encumber 17 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 at the end of November 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: $872,100
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.