First Trust Deed collateralized by an approximately one acre fully improved residential lot located in Corona, CA (approximately 25 miles east of Anaheim, CA). Since the property was acquired by the borrower in June of 2013, they have successfully completed a final map for the property allowing 14 estate sized lots ranging from 0.51 acres to 1.1 acres. All development work has been completed as well as having all but three of the 14 lots sold to end users. On the lot there is a partially finished, 5,427 square foot home consisting of five bedrooms, five and a half bathrooms, with a four bay garage. Work is anticipated to be completed by the end of October at which point the borrower will actively market the property for sale.
Loan Amount: $890,000
Yield: 11.00% Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: Six months with one optional six month extension period at maturity.