Lake Las Vegas 24, LLC #4557 | NEVADA – FUNDED

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Lake Las Vegas 24, LLC #4557 | NEVADA – FUNDED

First Trust Deed collateralized by three finished townhome lots located in the Vita Bella Community in Lake Las Vegas which is approximately 19 miles east of Las Vegas, Nevada. Within this 79-unit community, there are 24 remaining lots that are unsold. Since acquiring the property in December of 2017, the borrower has been working with the city to get the building plans reapproved based on the new building codes. Existing homes in the community have sold between about $270,000 and $465,000 in 2017 and 2018. New homes are expected to sell for an average of $409,000 per unit. Although it is typical to see a premium sales price on new homes, it is the borrower’s goal to “undercut” the market to sell units more quickly. Construction on this three-unit building began in April of 2018.

Loan Amount: $780,000

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: 9 months with one optional nine-month extension period at maturity.

By |September 12th, 2018|Funded Investments|0 Comments