First Trust Deed collateralized by 2.5 acres of unentitled land which is currently owned by the Bureau of Land Management (BLM). The borrower was awarded the right to acquire the land through the BLM auction which took place in 2015. Since being awarded the property, the borrower has been working with the city and county to get the property zoned to allow for the development of a single family residential development. Although the property will ultimately be approved for approximately 20 residential units, it is part of a larger 200+ lot community that the borrower is currently working on getting entitled. The property is located in Southwest Las Vegas close to Mountains Edge, award-winning Master Planned Community.
Loan Amount: $740,000
Yield: 5% annual rate paid out monthly. An additional 9% annually will be paid when loan pays off. Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: Twelve months with an optional twelve month extension at maturity.
These investment are on a first come, first serve basis.