First Trust Deed collateralized by a four-acre parcel of land that is currently zoned RE for which would allow the development of 8 residential lots. As it currently stands, the parcel of land has a dilapidated home that will need to be torn down when the development work begins. It is anticipated the property will be up zoned later to RS-8 which would allow the development of 25 homes. This area of Las Vegas has recently seen an uptick in land sales as national homebuilders enter this submarket. All the utilities are to the site with adequate capacity for the proposed increase in density.
Loan Amount: $2,200,000
Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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: Nine months with an optional nine-month extension at maturity.