First Trust Deed collateralized by 8.08 net acres of land located near the Southeast corner of Lawrence St and Hammer Lane 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. This parcel of land is going to piggyback off Harmony’s other community adjacent to this one, known as the Northridge Community. Northridge is about 70% completed and consists of 119 homes that average 1,700 square feet and are selling for an average of $290,000. This new community will consist of the same size homes and will sell for the same amount. It is anticipated that the borrower will begin the development in late summer and begin selling homes in this community late in 2020.
Loan Amount: $1,508,000
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.