Harmony Homes Nevada, LLC #4638 | NEVADA – FUNDED

Home/Funded Investments/Harmony Homes Nevada, LLC #4638 | NEVADA – FUNDED

Harmony Homes Nevada, LLC #4638 | NEVADA – FUNDED

First Trust Deed collateralized by 30 acres of land located near Highway 215 and Centennial Parkway in Las Vegas, NV (roughly 18 miles Northwest of downtown Las Vegas, NV). The community is well located near shops and amenities for potential homeowners. Since winning the Bureau of Land Management auction in September of 2019, the borrower has begun work with the city to get the property zoned to allow the development of a 336-lot community. Although the final approvals have not been obtained, the borrower is acquiring the property with the expectation of starting site work in September of this year. Development work is expected to be completed in July of 2021 at which point home sales will begin. The sale prices of the town homes are expected to start at $250,000 and average 1,300 square foot per unit.

Loan Amount: $7,400,000

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 |January 21st, 2020|Funded Investments|0 Comments
loading