The collateral for this loan is an .98-acre lot located in the Northwestern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV). Since putting the property under contract, the borrower has worked with the city to get the property subdivided into two separate parcels. Although this can be done, it is the borrower’s intent to proceed with building one roughly 3,500 square foot home. This loan would be refinanced into a construction loan in about three months once a permit is ready.
Loan Amount: $159,000
Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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 no optional extension at maturity.
