Lokal Hyland Village #4591 | COLORADO – FUNDED

Home/Funded Investments/Lokal Hyland Village #4591 | COLORADO – FUNDED

Lokal Hyland Village #4591 | COLORADO – FUNDED

The collateral for this loan consists of 26 finished townhome lots located in Westminster, CO (approximately 13 miles northwest of Denver, CO). These 26 lots represent all the lots within the community that are currently being constructed. The borrower initially purchased 53 finished lots starting in August of 2017 and has since sold 15 with an average sales price of $429,000. The borrower anticipates selling out of the community within 20 months. In the community, other home builders are currently selling single family homes that average over $500,000. There are no other options within a five-mile radius of this project to find new homes priced below $460,000. This loan is in a junior lien position to bank financing which is being used for the construction of the home.

Loan Amount: $1,820,000

Yield: 11.0% Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.

Term: 9 months with an optional 9-month extension at maturity.

By |February 19th, 2019|Funded Investments|0 Comments