The collateral for this loan consists of 48 mapped and partially developed single-family residential lots located in Monument, CO (approximately 20 miles northeast of Denver, CO and 12 miles west of Denver International Airport). These 48 lots are the first 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: $3,250,000
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: 12 months with an optional 12 month extension at maturity.