The collateral for this loan is one residential lot in Park City, UT situated between the scenic views of Park City Mountain and Grandview Peak. The borrower already owns the land for this project and has come to Ignite seeking financing for the development and construction of a single house on this land. This home already has a purchase contract signed for over $1.5M and the buyer has put down over $50,000 in non-refundable deposits for construction. Over half of the homes within this community have been sold, known as Elk Springs Estates, with this home representing the 11th sold out of 18 total. Standing at over 3,800 sf, including a finished basement, this home is set to have high-end finishes with extra windows to truly take advantage of the surrounding views and its premium location within the community.
Master Loan Amount: $900,000
Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 6/17/26. Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%.
