Harmony Homes Nevada, LLC #4644 | NEVADA – FUNDED

First Trust Deed collateralized by 43 mostly finished residential lots near the corner of Tropicana Ave and Boulder Hwy in Las Vegas, NV (approximately 10 miles from downtown Las Vegas). Since acquiring the property in September of 2018, the borrower has successfully obtained approval for the development of a 43-lot subdivision and subsequently completed 90% of the development work. The lots are roughly 0.6 acres in size which conforms to that of the surrounding communities. Although the grand opening of this project isn’t until mid-March 2020, the borrower has begun preselling the community and has already completed the construction of four model homes. Homes are anticipated to sell between $200,000 and $260,000 with square footages ranging from 1106 square feet to 1597 square feet.

Loan Amount: $2,225,000

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: 9 months with one optional 6-month extension period at maturity.

By |February 24th, 2020|Funded Investments|0 Comments