First Trust Deed collateralized by 10 developed residential lots located in the Daybreak community which is located nine miles east of Las Vegas, NV. The property currently has a final map in place to allow for the development of 41 lots roughly .12 acre in size of which this loan will encumber 10 of them. As it currently stands, the lots are graded and all of the underground work has been completed but the finishing work (curbs, gutters, and streets) has yet to be finalized. Development is anticipated to be completed by April of 2017. Harmony Homes has sold out of the first phase of the community which they have been selling since 2010.
Loan Amount: $513,000
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.