The collateral for this loan is an 8,536 square foot home located in the Northern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV). The home consists of 11 rooms, 4 bedrooms, and 4.25 baths. Additional features of the home include 3 fireplaces and an 8-car garage. The most important feature of the home is the 4.13-acre lot the home sits on. Most homes in this area are on half acre lots. Given the size of the lot, the borrower is working with the city to allow 4 additional lots to be built. Since the tentative map has been approved, the borrower plans to begin development work immediately.
Master Loan Amount: $3,600,000
Tranche Loan Amounts: #4740 $2,000,000, #4741 $400,000, #4742 $400,000, #4743 $400,000, #4744 $400,000
Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. A breakdown of the lots is shown on the next page.
Yield: 10.00% 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.