Grays Development Company, Inc #5061-#5065 | COLORADO ($2.9M Available)

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Grays Development Company, Inc #5061-#5065 | COLORADO ($2.9M Available)

The collateral for this loan consists of five superpads that will allow for the ultimate construction of twenty townhomes per pad (100 units in total) which are located in Littleton, CO (approximately 20 miles southwest of Denver, CO). These 100 townhome units are part of a larger townhome project that already has 140 units constructed. Because the project has a stigma as a broken development along with the previously onerous construction defect laws, most developers have steered clear of this project. Lokal Homes has purchased a few of these types of projects throughout the Denver metro area with great success. These townhomes will have an average sales price over $290,000 per unit and over 1,100 square feet in size.

Master Loan Amount: $5,900,000

Tranche Loan Amount: $1,180,000

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 two optional 9-month extension period at maturity.

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