Harmony Homes Nevada, LLC., #4525 – NEVADA – FUNDED

Home/Blog, Funded Investments/Harmony Homes Nevada, LLC., #4525 – NEVADA – FUNDED

Harmony Homes Nevada, LLC., #4525 – NEVADA – FUNDED

First Trust Deed collateralized by 30 mostly finished residential lots 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 community is well located near shops and amenities for potential homeowners. Since acquiring the site in September of 2017, the borrower has successfully worked with the city to get approval for the 81 lot community. In addition, the borrower has begun the development work on the site and is about 60% complete. It is anticipated that the borrower will be completely done with the development in June at which point they will begin construction of the model complex. Home sales should commence in late 2018 with an average sales price of $290,000 and an average size of 1,700 square feet.

Loan Amount: $1,362,000

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.

loading