First Trust Deed collateralized by approximately 7.97 acres of graded residential land located in Vidor, Texas (approximately 99 miles east of Houston, TX). This land has recently been parceled off from the borrower’s primary residence to become a 14 lot community to be known as Moonlight Manor. The land has been partially graded in preparation for the full development of the community. The loan proceeds will be used to finalize the development of all 14 lots and to build four homes. Homes in the community will range between 2,400 and 2,900 square feet with an anticipated sales price of $110 per square foot.
Loan Amount: $1,100,000
Yield:(principal value > $100,000): 10.25%
Yield:(principal value < $100,000): 10.00%
Term: 12 Months with one optional six month extension period at maturity.
These investment are on a first come, first serve basis.