First Trust Deed collateralized by a nearly 15-acre parcel of land approximately 13 miles north east of downtown Reno, NV. The borrower is acquiring these nearly 15 acres from the seller who has tentative approval for a master plan consisting of over 40 contiguous acres of land. Within the masterplan, only the 15 acres the borrower is acquiring will be constructed into apartment units. The remaining acreage will be used for commercial space and condo units. Over the next six months the borrower will continue to work with the city to finalize the predevelopment of the project with the anticipation of June being able to finalize the predevelopment work and obtain building permits for the project. As soon as a building permit is ready to be issued, the borrower anticipates obtaining construction financing to pay off this acquisition loan.
Loan Amount: $8,000,000
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: 9 months with an optional six-month extension period at maturity.
