First Trust Deed collateralized by nearly 6.2 acres of residentially zoned land near the corner of Cadence Crest Ave and Sunset Rd in Henderson, NV (roughly 15 miles southeast of downtown Las Vegas). The land is currently zoned PC (Planned Community) which will only allow a few homes to be built on the site. The borrower is currently working with the city to approve a 74-lot community. This tentative map approval for the 74 lot community will happen before the funding of this loan. 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: $1,800,000
Tranche Loan Amount: Between $267,600 and $802,700
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.