First Trust Deed collateralized by 48 gross acres within the largest master planned community in the capital of Nevada, Carson City. The Lompa Ranch Master Planned Community consists of 251 acres and is a 25 minute drive from the world’s largest industrial park, the Tahoe Reno Industrial Park (TRIC). TRIC consists of 100,000 acres of industrial buildings with over 11 million square feet of industrial space leased to national tenants such as Ebay, Amazon, Switch, as well as the future Tesla Gigafactory. It is anticipated that this area will need 35,000 new homes over the next five years. To put this into perspective, less than 2,500 homes have been built in the past six years. Of the 48 gross acres the borrower is acquiring, seven are commercially zoned, 16 are zoned for multi-family, 22 acres are zoned for residential, and three acres will be dedicated for open space.
Loan Amount: $3,350,000
Yield: 11.00% (Principal Balance < $100,000); 11.25% (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 six month extension at maturity.