First Trust Deed collateralized by 72 approximately 0.46 to 0.65 acre fully-developed residential lots located in Valley Heights community in Moapa Valley, Nevada (approximately 58 miles northeast of Las Vegas, NV and 73 miles southwest of St. George, UT). The subdivision includes over 20 homes that are either completely finished or under contract to be built in the next 30 days. It is anticipated that the borrower will be selling homes at a rate of seven units per year.
Loan Amount: $1,400,000
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: 12 months with one optional six month extension period at maturity.