First Trust Deed collateralized by 24 developed residential lots located in the Highlands community which is located ten miles east of Las Vegas, NV. Harmony Homes have sold out of the community directly to the west which they have been selling since 2010. The newly closed subdivision to the west had over 300 lots which were sold with an average sales price of $275,000 over the past two years. This new community known as the Highlands consists of 94 lots which are roughly the same size as the previous community. The borrower intends to build the exact same homes that have sold in the previous community that range from 1,536 – 2,573 square feet and will start with an average sales price of $286,000.
Loan Amount: $1,200,000
Yield: 10.50% (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.