First Trust Deed collateralized by 88 partially completed residential lots of approximately .05 acres each. Located on the Northeast corner of East Carey Avenue and North Lamb Boulevard in Northeast Las Vegas, NV, the community is an infill site near Sunrise Mountain. Currently the lots are about 60% complete and it is estimated to require an additional $1,300,000 before the lots are ready for vertical construction. The development time would take approximately six months to fully complete and is anticipated to start within the first few month of the loan term. It is also anticipated that vertical construction will begin on the lots during the second quarter of 2016 and completely sell out in the spring of 2018.
Estimated Value: $6,152,675.70 total value based on a Brokers Price Opinion (BPO) by Cushman & Wakefield dated 1/5/16.
Loan Amount: $4,055,000
Yield:(principal value > $100,000): 10.25%
Yield:(principal value < $100,000): 10.00%
Term: Twelve Months with one optional twelve month extension at maturity.
These investment are on a first come, first serve basis.