HWL Kachina Cliffs, LLC | Loan #4037 – FUNDED
Description: First Trust Deed collateralized by approximately 22.75 acres of undeveloped land located in St. George, Utah (approximately 125 miles northeast of Las Vegas, Nevada and approximately 300 miles southwest of Salt Lake City, Utah). The land has a tentative map in place to allow for the development of a 33 lot community. The average lot size of the 33 lots is about a half an acre. Katchina Cliffs is adjoining another one of the borrower’s developments that is almost completely sold out. This new development is intended to supplement the existing community and add more lots for the borrower.
Investor Equity Homes, LLC | Loan #4038 – FUNDED
Description: First Trust Deed collateralized by 3.99 net acres of residential land situated near the corner of South Durango Drive and West Cactus Avenue in Enterprise, Nevada (about 15 miles Southwest of Las Vegas, NV) The land is currently zoned R-E which allows for two units per acre. Before the loan is recorded and the borrower purchases the site, a tentative map will be approved by the county allowing 49 units to be constructed on the site. Each of the units will be approximately 3,400 square feet in size. The parcel of land directly to the east will soon be owned by DR Horton who has just received county approval for the same type of development. The borrower already has the property under contract to a homebuilder and has other homebuilders interested in purchasing the property in the unlikely event the property falls out of contract.
