First Trust Deed collateralized by a 72.25 acres of residential land located in Henderson, Nevada. Since putting the property under contract about 11 months ago, the borrower has been working with the city to get a tentative map approval for the 122-lot community. In addition, they have a letter of intent to purchase the finished lots from a national homebuilder for over $32,000,000. Once the property is purchased, it is the borrower’s intent to finalize the mapping process wit the city and to begin grading of the project. Starting three months after acquiring the site, the borrower anticipates starting the site work to transform the raw land into finished lots. Nearly all the 122 lots will have unobstructed views of the Las Vegas strip.
Loan Amount: $3,900,000
Yield: 11.00% (Principal Balance < $100,000); 11.25% (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 an optional six-month extension at maturity.