The collateral for this loan consists of the remaining 128 finished lots in this 204-community located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 204 lots are part of a larger 800 lot community known as Victory Ridge which the borrower originally acquired portions of about six years ago. 56 of the remaining lots are standard rowhome lots while 72 are “back-to-back” lots which enables greater density and affordability within the community. The average sales price of the finished project in 2023 has been nearly $480,000 with the average size of the units has been over 1,500 square feet.
Master Loan Amount: $11,995,200
Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%.
Term: Nine months with two optional nine-month extensions at maturity. Final maturity date is 10/24/25.