Lokal Hyland Village #4592 | COLORADO – FUNDED

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Lokal Hyland Village #4592 | COLORADO – FUNDED

The collateral for this loan consists of 12 finished townhome lots located in Westminster, CO (approximately 13 miles northwest of Denver, CO). These 12 lots represent all the lots within the community that are unsold and not 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.

Loan Amount: $840,000

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: 9 months with two optional 9-month extensions at maturity.

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