First Trust Deed collateralized by four fully developed residential lots in Enterprise, NV (approximately seven miles south of Las Vegas, NV). The lots are part of a larger 36 lot community, of which 26 have already been sold to end users. This loan currently encumbers four of the remaining ten lots. Homes in the community average over 2,200 square feet and have been selling at an average of $370,000. The lots are conveniently located south of the 215 freeway.
Loan Amount: $216,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10% (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: Six months with an optional six month extension at maturity.