First Trust Deed collateralized by two fully developed residential lots located on the Northeast corner of West Centennial Parkway and North Commerce Street in North Las Vegas. These two lots are within a larger 134 lot community, of which almost 100 have been sold to end users. The two lots have permits submitted to build a duplex, one unit on each lot. Each unit will be two stories and have a two car garage. The unit on the APN ending in -065 will be 2,314 square feet and the unit on the APN ending in -066 will be 2,296 square feet. Each will be three bedrooms with two baths.
Loan Amount: $437,000
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.