First Trust Deed collateralized by a finished 1.26-acre residential lot located in the prestigious master plan community of McDonald Highlands in Henderson, Nevada. Since putting the property under contract about five months ago, the borrower has been working with the city and master plan developer to get approval of a lot split. It is anticipated that the final lot split will be recorded by November which will allow the borrower to sell the lots individually. Each of the two proposed lots will have unobstructed views of the Las Vegas valley, including the infamous Las Vegas strip. Each of the two proposed lots will be a half acre each with one of them having a long, secluded driveway approach to the future home.
Loan Amount: $664,000
Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.