Fragola Enterprises, LLC #4629 | UTAH

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Fragola Enterprises, LLC #4629 | UTAH

The collateral for this loan is over 350 acres of land located near the shores of Strawberry Reservoir (approximately 84 miles southeast of Salt Lake City, UT). Since acquiring the site over a decade ago, the borrower began working with the city and county to approve the conversion of an active cattle ranch into a master planned resort community. This loan encumbers part of the first phase of the larger resort and has up to 300 homes allocated to this land. Money from this loan will be used to fund a development bond with the city in the amount of roughly $4,000,000 which will enable the first 84 lots to be fully developed. Although the borrower has just begun sales of the “paper lots”, it is anticipated the lots will be completely developed in the summer of 2020 utilizing the money that will be held by the county.

Loan Amount: $9,100,000

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: Nine months with two optional nine-month extensions at maturity.

By |December 4th, 2019|Available Investments|0 Comments