The collateral for this loan consists of 17 acres of residentially entitled land which will allow for the development of a 191 unit attached development. As it currently stands, the borrower has already presold all 191 units for an average of nearly $210,000 per unit. Almost all units will be three bedrooms, two bathrooms with over 1,300 square feet of living space. It is anticipated the borrower will begin development work on the site within a few weeks of loan funding and complete all development in June of 2022.
Tranche Loans:
Estimated Date – Estimated Amount – Loan #
11/4/2021 – $520,000 – #5237
11/4/2021 – $520,000 – #5238
11/4/2021 – $520,000 – #5239
11/4/2021 – $520,000 – #5240
11/4/2021 – $520,000 – #5241
11/4/2021 – $520,000 – #5242
11/4/2021 – $520,000 – #5243
1/28/2022 – $520,000 – TBD – Not open for investment at this time
2/25/2022 – $520,000 – TBD – Not open for investment at this time
3/25/2022 – $520,000 – TBD – Not open for investment at this time
4/29/2022 – $520,000 – TBD – Not open for investment at this time
5/27/2022 – $520,000 – TBD – Not open for investment at this time
6/24/2022 – $520,000 – TBD – Not open for investment at this time
Yield: 10.00% Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Master Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 5/2/23.
