First Trust Deed collateralized by 9.06 acres of residential land located near the Northwest corner of North Commerce Street and West Gowan Road in North Las Vegas, NV (roughly six miles north of Las Vegas, NV). The land is well located near shops and amenities for potential homeowners. The site is currently zoned for a planned use development (PUD) which will allow for the development of an 81-home subdivision. The borrower does not anticipate the start of the development work until the middle of 2018 with the first homes sales happening by the end of 2018. Home prices are anticipated to be in the upper 200’s once sales ultimately commence.
Loan Amount: $975,000
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.