First Trust Deed collateralized by a 1.93 acre parcel of land that is currently zoned R-E which allows for two units per acre. The borrower already has the parcel of land under contract to sell to the adjoining land owner as they continue to work through a tentative map approval allowing for a higher density residential development like the one that is taking place to the northwest in the picture below (being built by DR Horton, a major national homebuilder). Also shown in the picture below is Mountain’s Edge (all of the homes to the East of the site). Mountains Edge has continued to be one of the fastest master planned communities in all of the United States.
Loan Amount: $665,000
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: Six months with one optional six month extension period at maturity.