Harmony Homes Nevada, LLC #4601 | NEVADA – FUNDED

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Harmony Homes Nevada, LLC #4601 | NEVADA – FUNDED

First Trust Deed collateralized by 26 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 finished the development work on the site and is begun vertical construction on about 20% of the homes. It is anticipated that the borrower will be completely sold out of the community in late 2020. Home sales have begun with their first closings anticipated in early May with an average sales price of $290,000 and an average size of 1,700 square feet.

Loan Amount: $1,171,000

Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.

By |April 22nd, 2019|Funded Investments|0 Comments