First Trust Deed collateralized by two parcels of land located on the West side of Kissimmee, Florida and just Southwest of Orlando, Florida. These two parcels of land are approximately 8 miles apart from each other and equal a total of 15.5 acres. One parcel is roughly nine acres and sits on the southeast shore of Lake Wilson and is adjacent to Disney World. The other is located about eight miles away and consists of roughly six acres. It is the intent of the borrower to ultimately sell the properties once buyers are procured. One parcel is already under contract and is expected to close by the end of the year.
Loan Amount: $1,600,000
Yield: 11.50% (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 6 month extension at maturity.