First Trust Deed collateralized by a 9.84 acre parcel of land that is currently zoned O-L for open land. 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 the construction of a retail or industrial building. In the picture at the bottom of this page you can see where the 215 intersects the 15 in North Las Vegas. Although this interchange is not active at the moment, work will begin shortly by the state of Nevada for the complete development of this interchange. This site will be one of the last sites for people to stop at before heading north on the 15 out of Las Vegas.
Loan Amount: $606,000
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.