The collateral for this loan consists of a partially completed 2,189 square foot home located in Commerce City, CO (approximately 20 miles northeast of Denver, CO and 12 miles west of Denver International Airport). This home is part of a larger 151 lot community known as Buffalo Run Filing 7. Homes will be priced around $500,000 and will solely consist of single-story ranch style homes. Filing 7 is the last take-down within a larger community know as Buffalo Run that the borrower has already completed the development, construction, and ultimate sale of over 330 homes. This home consists of 3 bedrooms and 2 bathrooms and has a four-car garage with an extended patio.
Loan Amount: $470,000
Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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: Nine months with an optional nine-month extension at maturity.