Harmony Homes Nevada, LLC | NEVADA – #4625 – FUNDED

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Harmony Homes Nevada, LLC | NEVADA – #4625 – FUNDED

First Trust Deed collateralized by 11.03 gross acres (10.19 net acres) of residentially zoned land near the corner of Boulder Hwy and Lake Mead Pkwy in Henderson, NV (approximately 16 miles southeast of downtown Las Vegas). The borrower is purchasing the property from the masterplan developer once the site plan has been approved (anticipated on 12/12/19). The site plan allows for 142 townhome lots in four, six, and eight-plex configurations to be built. The development work is expected to begin in the spring on 2020 with an estimated cost of $5,800,000. With an average sales price of $247,000 per unit, the borrower will be one of the lowest priced builders in the area. Home construction is anticipated to begin in September of 2020.

Loan Amount: $2,800,000

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

By |November 12th, 2019|Funded Investments|0 Comments