Diversification Archives - Page 17 of 20

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GGD Oakdale, LLC #4815 | WISCONSIN – FUNDED

GGD Oakdale, LLC #4815 | WISCONSIN – FUNDED

First Trust Deed collateralized by an approximately 30,000 square foot single tenant commercial building occupied by Best Buy in Kohler, WI (about 50 miles north of Milwaukee, WI). Since the property was originally built in 2006, Best Buy has been the only tenant. Given the initial lease term is set to expire in 2023, our borrower was able to acquire the site via an online auction at a steep discount to intrinsic value. The seller, an affiliate of US Bank, took the property back via foreclosure of their $5,225,000 deed of trust. After the property was originally appraised for $6,600,000, the original owner made their monthly payments to the bank until 2017 at which point it went into a default status. As it currently stands, the Best Buy continues to pay over $30,000 per month in rent and is responsible for the building maintenance, property taxes, and insurance. Our borrower has already begun discussions with Best Buy to sign a new, long term lease. Once this is accomplished, he would then sell the property via more traditional avenues. Loan Amount: $2,450,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments

By Izzy|November 10th, 2020|Funded Investments|0 Comments

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The Herbert, LLC #4814 | NEVADA – FUNDED

The Herbert, LLC #4814 | NEVADA – FUNDED

The collateral for this loan is 0.32 acres of land located in the heart of the Art’s District of Las Vegas (an area within downtown Las Vegas). Since acquiring the property in November of 2019, the borrower has worked with the city to allow for the construction of a two story, 9,189 square foot mixed-use building in this trendy part of town. As of this writing, the building is 60% completed and should be fully completed by the end of January 2021. The property is approximately 30% preleased and the borrower is working on LOI’s for another 20% of the project. The tenant mix will include one restaurant (a preleased tenant) and small executive suit style offices to accommodate businesses who do not need very much space (typically around 1,000 square feet per lease). Loan Amount: $2,250,000 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 an optional nine-month extension at maturity.

By Izzy|November 10th, 2020|Funded Investments|0 Comments

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First Sloan Industrial Center, LLC #4813 | NEVADA – FUNDED

First Sloan Industrial Center, LLC #4813 | NEVADA – FUNDED

The collateral for this loan is 9.25 acres of land in Sloan, NV (approximately 20 miles south of Las Vegas, NV). The borrower is acquiring the property from a related entity which originally acquired the two separate parcels from two separate sellers. It is the intent of the borrower to work with the city to get the zoning approval for an industrial development. Once the zoning is approved, the borrower will obtain a construction loan for a 174,600 square foot industrial building. The principals of the borrower have worked in the industrial real estate sector of Las Vegas for a combined four decades. Loan Amount: $2,600,000 Yield: 10.50% (Principal Balance ≥ $100,000); 10.00% (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 an optional nine-month extension at maturity.

By Izzy|November 8th, 2020|Funded Investments|0 Comments

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Delta Quad Holdings, LLC #4812 | Missouri – FUNDED

Delta Quad Holdings, LLC #4812 | Missouri – FUNDED

The collateral for this loan is a 1.92-acre site that has a 21 story, 371,454 square foot building on it. Located in the heart of Kansas City, Missouri, the building which was originally constructed in 1921 as the headquarters of one of the twelve regional Federal Reserve Banks but has been vacant since 2008 when the bank moved to new offices. Since acquiring the property, the borrower has worked within the guidelines established for rehabilitating historic buildings. By working within the guidelines, there are some federal tax credits that the borrower will be able to obtain. Additionally, they have continued to work on the asbestos remediation on the property which is anticipated to be completed in a few months. According to the borrower, over $37,000,000 has been spent on the project to date. Loan Amount: $6,500,000 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 an optional nine-month extension at maturity.

By Izzy|November 2nd, 2020|Funded Investments|0 Comments

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Sequoia Homes, LLC #4810 | Nevada – FUNDED

Sequoia Homes, LLC #4810 | Nevada – FUNDED

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 acquiring the property in July of this year, they have worked with the city and county to allow for the construction of a home on the site. The building plans call for a 4,139 square foot home to be constructed. The home will consist of four bedrooms and four and a half bathrooms. The square footage does not include the four-car attached garage. Although the property is not presold, the borrower will engage a brokerage company to market the property for sale once the construction begins. Loan Amount: $680,000 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 an optional nine-month extension at maturity. Value: $1,240,000 based on a BPO done by Mosaic Commercial Advisors on 10/29/2020. LTV: 55% based off the BPO shown above.

By Izzy|October 30th, 2020|Funded Investments|0 Comments

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Grays Development Company, Inc. #4802 | Colorado – FUNDED

Grays Development Company, Inc. #4802 | Colorado – FUNDED

The collateral for this loan consists of seven superpads that will allow for the ultimate construction of eight condos per pad (56 condo units in total) which are located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 56 condo units are part of a larger condo project that already has 40 units constructed. Because the project has a stigma as a broken development along with the previously onerous construction defect laws, most developers have steered clear of this project. Lokal Homes has purchased a few of these types of projects throughout the Denver metro area with great success. Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more buildings in the community. A breakdown of the lots is shown on the next page. Yield: 10.00% 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 9-month extension period at maturity.

By Izzy|October 21st, 2020|Funded Investments|0 Comments

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North Pass, LLC #4801 | NEVADA – FUNDED

North Pass, LLC #4801 | NEVADA – FUNDED

First Trust Deed collateralized by 4.72-acres of land that is currently zoned Neighborhood Commercial. Located approximately 15 miles southeast of downtown Las Vegas and very near the prestigious master plan community of McDonald Highlands in Henderson, Nevada, the site sits across the street from the “Pass at Black Rock”. The Pass at Black Rock is the brainchild of the borrower who is currently working with the city to approve this mountain bike park. Directly south of the site is a 122-lot community that the borrower has worked through since late 2017. In addition to the collateral shown above, the borrower is working with the City of Henderson on a land swap that will add six finished lots to the collateral once completed (summer 2021). Loan Amount: $2,250,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1 st of each month with a 10-day grace period. Term: 6 months with one optional 6-month extension period at maturity.

By Izzy|October 20th, 2020|Funded Investments|0 Comments

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Yuma Care, LLC #4799 | ARIZONA – FUNDED

Yuma Care, LLC #4799 | ARIZONA – FUNDED

First Trust Deed collateralized by a parcel of soon to be commercially zoned land approximately 170 miles east of San Diego, CA and 180 miles west of Phoenix, AZ. Once the borrower acquires the site, they will continue to work with the local municipalities to get the property entitled to allow the construction of a geriatric behavioral health facility. This will be the borrowers fifth such facility since 2011 with plans on doing two more each year. Once completed, the property will consist of 16,800 square feet facility with 24 beds. The total project costs are anticipated to be nearly $9,000,000 once construction starts in the first quarter of 2021. Additionally, Ignite was able to review the recently completed appraisal that shows the stabilized value of the project to be nearly $15,000,000. Loan Amount: $1,050,000 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 two optional nine-month extension period at maturity.

By Izzy|September 29th, 2020|Funded Investments|0 Comments

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Midway Heritage Development, LLC #4796 | UTAH – FUNDED

Midway Heritage Development, LLC #4796 | UTAH – FUNDED

First Trust Deed collateralized by roughly 24.9 acres of farmland which will eventually be developed into at least 160 townhome and cottage sized lots as well as a few commercial pads. This is the next phase of the successful Whitaker Farms project the borrower recently completed. Although the tentative map has not been approved, part of the site is already zoned to allow higher density townhomes. Over the next year, the borrower will work with the city to get a masterplan approved for the entire site that will eventually turn into a phased development. As of today, it is not anticipated for the development work to begin until June of 2021. Additionally, the borrower already has over 20 reservations for the townhomes and two of the commercial pads even though homes won’t be finished for at least 18 months. Loan Amount: $11,900,000 Yield: 10.50% (Principal Balance ≥ $100,000); 10.00% (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 one optional 9-month extension period at maturity. Looking for an updated? Take a look at this video taken in January 2023: https://vimeo.com/786705835

By Izzy|August 27th, 2020|Funded Investments|0 Comments

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Gold Rose Construction, LLC #4795 | NEVADA – FUNDED

Gold Rose Construction, LLC #4795 | NEVADA – FUNDED

The collateral for this loan will consist of an approximately half acre lot once the new parcel map has been assigned new, unique parcel numbers for the newly created lots. Additionally, the borrower will begin the construction of an approximately 7,000 square foot two story home and casita. Located in the Northern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV), this high-end home will consist of five bedrooms and seven bathrooms. Additionally, there will be a four-car garage and plenty of area for a pool. Loan Amount: $2,384,000 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 an optional nine-month extension at maturity.

By Izzy|August 24th, 2020|Funded Investments|0 Comments