First Trust Deed collateralized by 1139 acres of land on the Northeast side of Kingman, Arizona. Currently the land is used as open grazing for local ranchers and their cattle, but that lease will be surrendered once work begins on the orchard. The first phase in developing the land will be to install an irrigation system to water the anticipated orchard of pistachios. This is one of several large farms that are currently being developed in the region – and all Mohave County. The current lot is located North of the Kingman Airport.
Loan Amount: $1,300,000
Yield: 11.25% (Principal Balance ≥ $100,000); 11.00% (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.