First Trust Deed collateralized by nearly 9 acres of residentially zoned land near the corner of Lake Mead Pkwy and Warm Springs Road in Henderson, NV (roughly 17 miles southeast of downtown Las Vegas). The land is currently zoned PC (Planned Community) which will allow for the development of 18 homes on the site, but the borrower is working with the city to approve a 94-lot community. Although this zoning has been informally approved, it will not become official until the recording (a few more weeks). Additionally, a tentative map has been approved to allow for the construction of the 94 attached townhome units. This is the second community in this area the borrower has done with the exact same floor plans. In about nine months, the borrower will begin the development work on the land which is expected to cost nearly $4,500,000. The first home will not be made available for approximately one year. With plans ranging from 1121 – 1711 square feet and price points of under $250,000, these townhomes will help fill the demand for the entry level buyer.
Master Loan Amount: $2,444,000
Tranche Loan Amount: $611,000
Yield: 10.00% (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 9-month extension period at maturity.
