acquisition Archives - Ignite Funding

Gallery
Mosaic Seven, LLC #5328 | NEVADA – FUNDED

Mosaic Seven, LLC #5328 | NEVADA – FUNDED

First Trust Deed collateralized by two acre parcel of vacant land located in the fast growing “West Henderson” area of Las Vegas, NV. Given the areas pro-development city officials, the area has seen robust growth in the past few years with much more development planned in the near future. Although the property does not currently have a zoning designation, it is the intent of the borrower to get approval to allow for industrial design manufacturing which has been approved on many parcels in the area. In addition to this new acquisition, the borrower also owns or controls over 170 additional acres in the area. One of the advantages of parcels in the area is that city officials would be willing to support both residential as well as industrial developments on the site. Master Loan Amount: $1,650,000 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 extensions at maturity. Final maturity date is 7/26/23.

By Ignite Funding|January 12th, 2022|Funded Investments|0 Comments

The Eighty-Ten by Bakerson, LLC #5326 | NEW MEXICO – FUNDED

First Trust Deed collateralized by a 1.38-acre parcel of land which has a 36-unit apartment building on it. It is the borrower’s intent to acquire the site and rehab the property to increase the net operating income, therefore, increasing the property’s value. Although there is much in the form of deferred maintenance on the asset, the borrower is well equipped to rehab the already partially occupied units. They will first begin the rehab on the vacant units and will not sign any rehabbed units to long term leases. This will ensure they will be able to rehab all units during the first 14 months of owning the property. Once the property is fully rehabbed and over 90% leased for 90 consecutive days, they will pay this loan off via long term financing. Master Loan Amount: $2,170,000 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 two optional nine-month extensions at maturity. Final maturity date is 7/23/23.

By Ignite Funding|January 8th, 2022|Funded Investments|0 Comments

Vanquish Capital, LLC #5244 | UTAH – FUNDED

The collateral for this loan consists of nearly 19 acres of residentially zoned land in Santaquin, UT (approximately 22 miles south of downtown Provo, UT). The borrower typically has the projects they acquire fully entitled with site plan approval; this project is a bit different since they will be selling it to one buyer upon completion. The borrower has worked with the city to get conceptual approval for 294 townhomes and expects the buyer to get final map approval after the partially entitled project sells. Although the property is not under contract to be sold yet, there are two buyers very interested in the property and it is expected to be under contract in the next two weeks and to be sold within six months. In the unlikely event the borrower is unable to sell the project in short order, they will develop the land and sell the townhomes to their long waitlist of investors. Loan Amount: $5,600,000 Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%. Term: Nine months with an optional nine-month extension

By Izzy|October 27th, 2021|Funded Investments|0 Comments