First Trust Deed collateralized by 57 finished lots near the corner of Boulder Hwy and Lake Mead Pkwy in Henderson, NV (approximately 16 miles southeast of downtown Las Vegas, NV). The borrower purchased the property from the masterplan developer after the site plan had been approved in December of 2019. The site plan allows for 142 townhome lots in four, six, and eight-plex configurations to be built of which this loan encumbers a total of 57. The development work began in the spring of 2020 and was completed for a cost of $5,800,000. With an average sales price of $250,000 per unit, the borrower will be one of the lowest priced builders in the area. Home sales should start in the community at the end of 2021.
Loan Amount: $2,679,000
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.