The collateral for this loan consists of 24 mapped and partially developed single-family residential lots located in Commerce City, CO (approximately 20 miles northeast of Denver, CO and 12 miles west of Denver International Airport). These 24 lots are the second take down of a larger 151 lot community know as Buffalo Run Filing 7. Homes will be priced around $430,000 and will solely consist of single story ranch style homes. Filing 7 is the last takedown within a larger community know as Buffalo Run that the borrower has already completed the development, construction, and ultimate sale of over 300 homes.
Loan Amount: $1,560,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10% (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: 6 months with an optional 6 month extension at maturity.