First Trust Deed collateralized by 26 approximately 0.08 acre fully completed residential lots located in the Northridge community in North Las Vegas, Nevada. This community comes on the heels of the borrower selling out of the 100-lot community kitty-corner to this one as well as the 93-lot community directly to the east of the community. Since the borrower has sold out of both the existing communities over the past few years, the borrower knows exactly what the home buyers in the area want in the form of floor plans and price points. With that said, this 119-lot community known as Northridge will have an average sales price of $290,000 and average 2,000 square feet in size. The borrower began closing homes within the community in December of 2018 and is anticipated to sell out of the community in the summer of 2021.
Loan Amount: $1,274,000
Yield: 10.50% (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: 6 months with one optional 6-month extension period at maturity.