The collateral for this loan consists of 74 mapped and partially developed residential lots located in Fort Collins, CO (approximately 60 miles north of Denver, CO). These 74 lots are approximately 80% complete and consist of 18 single family homes and 56 townhomes. Once development is completed within 60 days, the borrower will begin selling both single family homes as well as the town homes at price points ranging from $330,000 to $465,000.
Loan Amount: $6,000,000
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: Nine months with two optional nine-month extensions at maturity.