First Trust Deed collateralized by 37 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 all the onsite and offsite improvements. Additionally, the borrower has sold and closed half of the 81 total lots in the community for an average sales price of nearly $260,000 for each of the 1,700 square foot units.
Loan Amount: $1,670,000
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.
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