The four lots at are encumbered by this loan are part of a larger 60 lot community in Douglas County, Colorado (approximately 31 miles south of Denver and 20 miles south of the Denver Tech Center, a major employment hub). The subdivision is comprised of 1,050 acres of land that includes over 790 acres of open space that was originally designed for polo fields and equestrian trails. Of the 60 residential lots within the community, 49 are developed, 10 are partially developed, and one has a partially completed home on it.
Loan Amount: $550,000
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: 12 months with an optional 12 month extension at maturity.