First Trust Deed collateralized by five fully developed residential lots located on the Northeast corner of East Carey Avenue and North Lamb Boulevard in North Las Vegas (approximately five miles northeast of Downtown Las Vegas, NV). These five lots are within a larger 88 lot community that will consist of homes averaging 1,600 square feet and have three bedrooms with two baths.
Loan Amount: $816,000
Yield: 10.75% (Principal Balance ≥ $100,000); 10.50% (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: 12 months with one optional 6 month extension period at maturity.