First Trust Deed collateralized by a 7.5-acre parcel of a residentially zoned property approximately 70 miles south of Denver, CO. Located near the cross streets of Centennial and Fillmore, the property is just nine miles to the south of the Colorado Springs Air Force Academy and under ten minutes from downtown Colorado Springs and Garden of the Gods. The surrounding area is seeing immense residential and commercial growth including national quick service restaurants and over 300 apartment units (being developed by different builders). The entitlement will allow for the development and ultimate construction of 105 townhome lots, all of which are under contract to be sold to Lokal Communities. The sale is structured where the buyer must acquire a minimum of two units per month starting in June of 2022
Master Loan Amount: $7,612,500
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: Nine months with an optional nine-month extension at maturity. Final maturity date is 2/9/23.