First Trust Deed collateralized by two acre parcel of vacant land located in the fast growing “West Henderson” area of Las Vegas, NV. Given the areas pro-development city officials, the area has seen robust growth in the past few years with much more development planned in the near future. Although the property does not currently have a zoning designation, it is the intent of the borrower to get approval to allow for industrial design manufacturing which has been approved on many parcels in the area. In addition to this new acquisition, the borrower also owns or controls over 170 additional acres in the area. One of the advantages of parcels in the area is that city officials would be willing to support both residential as well as industrial developments on the site.
Master Loan Amount: $1,650,000
Yield: 10% 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 an optional nine-month extensions at maturity. Final maturity date is 7/26/23.