Lokal Registry Ridge Towns, LLC | Colorado – FUNDED

The collateral for this loan consists of 43 fully developed residential lots located in Fort Collins, CO (approximately 60 miles north of Denver, CO). These 43 lots are part of the original 74 lots the borrower acquired. Since acquisition in 2018, the borrower has sold 31 of the homes. Remaining from the original 74 lots are seven single family home lots and 36 townhome lots. Homes in the community have been selling for about $400,000 for the townhomes and $550,000 for the single-family homes. Given the current sales velocity of three units per month, the borrower anticipates selling out of the community in roughly 14 months.

Loan Amount: $2,734,000

Yield: 10.5% (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: 9 months with an optional 9-month extension period at maturity.

By |November 19th, 2020|Funded Investments|0 Comments