Lake Las Vegas LLC., #4488 – NEVADA – FUNDED

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Lake Las Vegas LLC., #4488 – NEVADA – FUNDED

First Trust Deed collateralized by 21 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 unbuilt. 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. 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 in an effort to sell units more quickly. It is anticipated that the borrower will begin construction on the first three-unit building within a week of closing this loan.

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: 12 months with one optional six-month extension period at maturity