First Trust Deed collateralized by 4.79 net acres of residentially zoned land near the corner of Tropicana Ave and Boulder Hwy in Las Vegas, NV (approximately 10 miles from downtown Las Vegas). Since putting the property under contract in January of 2018, the borrower has successfully obtained approval of a tentative map allowing for the development of a 43-lot subdivision. The lots are roughly 0.6 acres in size which conform to the zoning of surrounding communities. It is anticipated that the borrower will begin development work during the fourth quarter of 2018, complete development in the spring of 2019, and begin selling homes in the summer of 2019. Homes are anticipated to sell between $180,000 and $230,000.
Loan Amount: $650,000
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.