First Trust Deed collateralized by 222 finished and partially finished residential lots located near the Southeast corner of North Pecos Road and East Lake Mead Boulevard in North Las Vegas, NV. The land is well located near shops and amenities for potential homeowners. Within the first three months of the loan term, the borrower will begin selling homes in the community with an anticipated starting price of $170,000. During the term of the loan the borrower will begin the construction of homes on the site. According to Home Builders Research, INC., there are only two plans currently available in all of Las Vegas priced under $200,000. All four plans that are purposed by the borrower will be priced below $200,000 making this community’s affordability better than any other in Las Vegas.
Loan Amount: $6,250,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: 6 months with one optional 6 month extension period at maturity.