Lake Las Vegas 24, LLC #4627 | NEVADA – FUNDED

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Lake Las Vegas 24, LLC #4627 | NEVADA – FUNDED

First Trust Deed collateralized by six partially constructed 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 seven remaining lots that are unsold. Since acquiring the property in December of 2017, the borrower worked with the city to get the building plans reapproved based on the new building codes. After obtaining building approval for all 24 lots, the borrower has successfully built, sold, and closed 12 of the units. These sales have ranged between $365,000 and $499,000. Of the 24 lots that were acquired by the borrower, 12 are now owned by end users, five are under contract to be sold, and seven remain unsold. Two of the six units in first position on this loan are presold and four are being constructed without being presold. It is anticipated construction will be completed in May of 2020. This loan also will be in second position on another six units that are 70% complete which is not considered on the LTV shown below.

Loan Amount: $1,600,000

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 |November 14th, 2019|Funded Investments|0 Comments