First Trust Deed collateralized by 11 approximately 0.10 to 0.15 acre fully-developed residential lots located in Avalon community in the Vista Cielo subdivision in North Las Vegas, Nevada. The subdivision includes over 85 completed homes as well as completed common areas, parks, two pools, and landscaping. The main entrance to the subdivision is located across the street from the entrance to Shadow Creek Golf Course near the corner of Ann Road and Losee Road. The borrower also owns the 100+ lot community directly to the north of this site which they plan to begin sales in late 2015.
Loan Amount: $260,000
Yield: 10.25% (Principal Balance ≥ $100,000); 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: Six months with one optional six month extension period at maturity.