The collateral for this loan consists of a completed 2,587 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 78 lot community known as Outlook where homes have sold up to nearly $500,000. This last remaining lot in the community is lot number “79” after the city revised the subdivision plat map to remove a pocket park and give the builder an additional lot. This home consists of 3 bedrooms and 2.5 bathrooms and has a two-car garage with an extended patio.
Loan Amount: $400,000
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.