First Trust Deed collateralized by eight partially improved residential lots and 2.5 acres of residential land situated near the corner of Ackerman Ave and N Pioneer Way in Las Vegas, Nevada. The lots sit two miles away from the 95 freeway in the Northwest part of Las Vegas with Arbor View High School and Centennial Hills Park just south of the lots. The lots are approximately 90% complete and a performance bond has already been posted by the borrower for the development of the project. Once development work is completed at the end of the year, the borrower will sell the property to a home builder.
Loan Amount: $795,000
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 an optional six-month extension at maturity.