Hard Money Lender Archives

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Green Level West I Apartments, LLC #5564 | NORTH CAROLINA – FUNDED

Green Level West I Apartments, LLC #5564 | NORTH CAROLINA – FUNDED

The collateral for this loan is an approximately 25-acre site that will be entitled to allow for the construction of a 300+ unit apartment building. This site sits contiguous to another property the borrower already owns which totals roughly 35 acres. Since acquiring this site and the property next door, about a year ago, the borrower has worked with the city to modify the zoning to allow for apartments. They are continuing to work with the city to obtain approval on their building plans. This has been a bit slower process than originally anticipated because they “teamed up” with the property owner next door. On the other side of the property construction has begun on over 1 million square feet of medical space that is owned by Duke Health. The city has already expressed a desire on their master plan to make this corridor the new “heart” of the city which bodes well for the long-term viability of the project and the short term needs to get the property entitled. The borrower for this loan is working alongside Duke Health to get the two projects combined into one master plan which will increase the property’s value given the economies of

By Izzy|August 26th, 2022|Funded Investments|0 Comments

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Grays Development Company, Inc #5203-5215 | COLORADO – FUNDED

Grays Development Company, Inc #5203-5215 | COLORADO – FUNDED

The collateral for this loan consists of 204 partially developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 204 lots are part of a larger 725 lot community know as Victory Ridge which the borrower originally acquired about three years ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $430,000. This is the third and final takedown the borrower has elected to take from the seller. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so next year. Lokal Homes, the home builder of this project, is averaging six sales per month since sales began. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. The entitlement will allow for the development and ultimate construction of 204 townhome lots, all of which are under contract to be sold to Lokal Communities. The sale is structured where the buyer must acquire a minimum of two units per month starting in July of 2022. Master Loan Amount: $11,832,000 This loan is an acquisition and development tranche loan and therefore the

By Izzy|August 13th, 2021|Funded Investments|0 Comments

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Yuma Care, LLC #5066 | ARIZONA – FUNDED

Yuma Care, LLC #5066 | ARIZONA – FUNDED

First Trust Deed collateralized by a parcel of a commercially zoned property approximately 170 miles east of San Diego, CA and 180 miles west of Phoenix, AZ. Since the borrower acquired the site in October of 2020, they worked 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. Additionally, Ignite was able to review the appraisal that shows a completed value of the asset at $11,907,000 and a stabilized value of $14,886,000. Tranche Loans: Estimated Date Estimated Amount Loan# 4/12/2021 $1,800,000 5067 5/14/2021 $1,000,000 TBD - Not open for investment at this time 6/11/2021 $1,000,000 TBD - Not open for investment at this time 8/13/2021 $1,000,000 TBD - Not open for investment at this time 10/15/2021 $1,000,000 TBD - Not open for investment at this time 12/17/2021 $1,000,000 TBD - Not open for investment at this time 2/11/2022 $1,000,000 TBD - Not open for investment at this time 3/11/2022 $1,000,000 TBD - Not open for investment at this

By Izzy|April 14th, 2021|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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Lokal Communities, LLC #4715 | Colorado – FUNDED

Lokal Communities, LLC #4715 | Colorado – FUNDED

The collateral for this loan consists of 20 developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 20 lots are part of a larger 221 lot community know as Victory Ridge which the borrower acquired about a year ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $340,000. All of the lots encumbered by this loan have partially built homes on them that are about 20% complete and will be finished by the end of the year. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so in the coming months. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”. Master Loan Amount: $5,000,000 Tranche Loan Amount: $250,000 Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots 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:

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

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Harmony461, LLC #4651 | NEVADA – FUNDED

Harmony461, LLC #4651 | NEVADA – FUNDED

First Trust Deed collateralized by 11 approximately 0.08 acre fully completed residential lots located in the Northridge community in North Las Vegas, Nevada. This community comes on the heels of the borrower selling out of the 100-lot community kitty-corner to this one as well as the 93-lot community directly to the east of the community. Since the borrower has sold out of both the existing communities over the past few years, the borrower knows exactly what the homebuyers in the area want in the form of floor plans and price points. With that said, this 119lot community known as Northridge has an average sales price of nearly $300,000 and average 2,000 square feet in size. The borrower began closing homes within the community in December of 2018 and is anticipated to sell out of the community in the fall of 2021. Master Loan Amount: $539,000 Tranche Loan Amount: $49,000 Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more specific lots in the community. Each tranche loan amount is $49,000. Yield: 10.00% Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-

By Izzy|May 13th, 2020|Funded Investments|0 Comments