The collateral for this loan are two, two and a half-acre parcels 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 only part of the property is zoned for rural open land, the borrower intends 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 have shown a willingness to support both residential and industrial developments.
Loan Amount: $3,725,000
Yield: 10% interest Schedule: Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%
Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 4/19/24.