First Trust Deed collateralized by approximately 5.71 acres residential land situated just east of Interstate 15 in Sandy, Utah (approximately 18 miles south of Salt Lake City, Utah). Loan proceeds will be used for the development of the property. Since acquiring the property in October of 2015, the borrower has successfully received approval on a final map allowing for the development of a 16 lot community. The property was previously used as an animal boarding business and had a few structures on the property. Those structures have since been demolished and the development of the community has already begun. To this point the property is rough graded and work has begun on the wet and dry utility installation. Once the work is completed it is anticipated that the borrower will sell the property to another home builder in a bulk sale. The development is scheduled to be completed in June on 2016.
LF Dimple Dell, LLC is a special purpose entity established by Tailor Built Homes, the home building arm of Legacy Fields, a land contractor and developer in and around Salt Lake City, Utah. The principals have over four decades of real estate experience and have been a borrower with Ignite since 2013.
Loan Amount: $5,200,000
Yield:(principal value > $100,000): 12.25%
Yield:(principal value < $100,000): 12.00%
Term: Six Months with one optional six month extension at maturity.
These investment are on a first come, first serve basis.