First Trust Deed collateralized by 1.66 acres of commercially zoned land located near the intersection of Kyle Canyon Road and US 95, about 18 miles northwest of Las Vegas, NV. Kyle Canyon Road is the main access from Las Vegas to Mt. Charleston, home of the Las Vegas Ski and Snowboard Resort. Although this area has yet to see much growth, most of the land in and around the corridor has been assembled by a few developers who intend to it to be the next growth area. Early in January of 2018, Clark County started the second phase of the 78-million-dollar project to expand the highway all the way to Kyle Canyon Road in anticipation of the imminent growth in the area. It is anticipated the traffic count will more than double on this stretch of highway in the next 20 years. Right now, it is anticipated the overpass that will allow northbound traffic to drive directly past this site is slated to open in June of 2019. Shortly after the overpass opens (one of the final pieces of the overall expansion) we anticipate the borrower will be under contract to sell the land. For more information on the construction progress click here.
Loan Amount: $299,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (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.