The collateral for this loan consists of 40 mapped townhome lots located in Monument, CO (approximately 54 miles south of Denver, CO and 18 miles north of Colorado Springs, CO). The site is well positioned amongst well established residential communities and directly abuts a retail shopping center which consists of dining, coffee shops, and grocery stores. As it currently stands, the site is approved for the development of 40 townhomes which the borrower anticipates building starting in the fall of 2016. Between now and the start of construction, the borrower will continue working with the site to allow for their specific floor plans to be built.
Loan Amount: $204,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10% (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: 6 months with an optional 6 month extension at maturity.