The collateral for this loan is a 1.05-acre piece of land located near the corner of Bradley Rd and Dorrell Ln. Since acquiring the land in January of 2023, the borrower worked with the city to allow a subdivision map to be recorded splitting the asset into four quarter acre lots, just like what was done across the street. The borrower also worked with the city to get building permits issued to build homes on the site. Each of the four lots will have one of the two homes depicted above built on them (or the mirror images of those homes). The homes will average nearly 2,700 square feet each and have four bedrooms, three bathrooms with an attached three car garage. The borrower has built the same floor plans nearby so he has a great deal of confidence in what they will cost, and more importantly, what home buyers in the area will want.
Master Loan Amount: $2,100,000
Yield: 10% interest Schedule: 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. The final maturity date is 3/4/2026. *For investments equal to or greater than $100,000 investors will earn 10.5%.
