The collateral for this loan is a 9.12 gross acre parcel of land that has been approved for an eight-unit residential neighborhood. Since acquiring the land in 2019, the borrower successfully obtained final action approval for the development in October of 2020. Since that time the borrower prioritized an adjacent project that needed utilities brought to the site before going forward on this property. With utilities now at the property line, the borrower will begin developing the project that will ultimately become a semi-custom home community that will be built by a sister company of the guarantors.
Loan Amount: $1,350,000
Yield: 10% interest Schedule: 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%.
Term: Seven months with no optional extension at maturity. Final maturity date is 5/20/23.