First Trust Deed collateralized by 41 partially developed residential lots located in the Highlands community which is located nine miles east of Las Vegas, NV. Since first opening in 2010, Harmony Homes have completely sold out of the two communities that adjoin the Highlands which consisted of over 300 homes. The Highlands, which is the last community in the cluster, consists of 94 lots with homes ranging from 1,739 to 2,275 square feet with an average anticipated selling price of about $300,000.
Loan Amount: $1,963,000
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.