The collateral for this loan is a 1.13-acre piece of land located near the corner of Whispering Sands Dr and Garehime St. Since acquiring the site in April of 2022, the borrower worked with the city to allow a parcel split, subdividing the existing parcel into two separate lots. This was considered a conforming zone change so it wasn’t a matter of “if” it would be allowed but “when”. Now that the parcel split is behind them, building plans for two homes have been approved with the city. The homes average about 4,000 square feet each and are both single stories. Once the homes are framed, they will be listed for sale so potential buyers can pick out their finishing touches like countertops, cabinets, and color.
Loan Amount: $2,200,000
Yield: 10% 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. Final maturity date is 3/27/25. *For investments equal to or greater than $100,000 investors will earn 10.5%.