The collateral of this loan consists of low-maintenance condominiums located in the Southwestern part of Denver, CO. A majority of the units constructed have been sold already with only 3 remaining available for sale. Condominiums in the community range from 884 to 1,843 square feet and are selling anywhere from $419,990 to $599,990. Lokal Homes is offering two-bedroom, two-bath floor plans along with three-bedroom, three-bath floor plans to accommodate single family residents. The community known as Chatfield Bluffs offers luxury living with amenities including a community clubhouse that offers a fitness center, pool, hot tub, and patio with room for all its residents to enjoy. Each of the units has one car garage included. The borrower currently anticipates completely selling out of the unity by the end of the summer.
Master Loan Amount: $2,338,200
Yield: 12% 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. Final maturity date is 6/26/25.
