The collateral for this loan consists of 22 developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 22 lots are part of a larger 221 lot community know as Victory Ridge which the borrower acquired part of about a year ago. Townhomes will average 1,500 square feet in size with an anticipated sales prices averaging $330,000. All of the lots encumbered by this loan have partially built homes on them that are about 50% complete and will be finished by July. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so in the coming months. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest corridor”.
Loan Amount: $6,000,000
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 extensions at maturity.
