Epic Mountains Edge, LLC #4540 | NEVADA – FUNDED

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Epic Mountains Edge, LLC #4540 | NEVADA – FUNDED

First Trust Deed collateralized by approximately 38.75 acres of raw land located in Las Vegas, Nevada (approximately 12 miles southwest of the Las Vegas Strip).  These 38.75 acres of land were recently put up for sale under two auctions by the Bureau of Land Management and were awarded to our borrower, Epic Mountains Edge. Since being awarded the property in February of this year, the borrower has been working with the city to obtain approval for a residential subdivision. As of June 5, 2018 the borrower has passed the first hurdle of getting the proposed 249 lot residential development approved. Over the next several months, the borrower anticipates getting final approval and beginning to market the paper lots for sale to home builders. This area of Las Vegas is home to all major homebuilders, with this specific area as the fastest growing near Mountains Edge.

Loan Amount: $5,500,000

Yield: 10.75% (Principal Balance ≥ $100,000); 10.50% (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: 9 months with one optional 9-month extension period at maturity.