First Trust Deed collateralized by 54 mostly completed residential lots 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 community is going to piggyback off Harmony’s other community adjacent to this one, known as the Northridge Community. Northridge is nearly 100% completed and consists of 119 homes that average 1,700 square feet and are selling for an average of $300,000. This new community will consist of the same size homes and will sell for about the same amount. Currently the community has all 30 lots reserved that are currently available for reservations. The remaining 24 lots will be made available in the next two months and some of those have a waiting list.
Loan Amount: $3,402,000
Yield: 10% 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.