Hard Money Archives - Page 12 of 12

Gallery
Village at St Rose, LLC #4800 | NEVADA – FUNDED

Village at St Rose, LLC #4800 | NEVADA – FUNDED

First Trust Deed collateralized by a 12.5-acre parcel of land approximately 13 miles south of downtown Las Vegas, NV. Since acquiring the property in late 2018, the borrower has continued to work with local city and county officials to get the property zoned for its intended use. Now that the property zoning of “mixed use” is in place, they have continued to work with officials to get the tentative map approved for a 300,000 square-foot development that will feature a mix of retail, office and medical space. Although leasing is ongoing, the borrower is in advanced negotiations with the anchor tenant, a major, national health care provider, which intends to occupy over 50% of the space. In addition to refinancing the existing acquisition loan, money will be used for the continued development of the project in preparation for the construction of the mixed-use building. Loan Amount: $12,500,000 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: 9 months with an optional nine-month extension period at maturity

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

Gallery
GGD Oakdale, LLC #4797 | NEVADA – FUNDED

GGD Oakdale, LLC #4797 | NEVADA – FUNDED

First Trust Deed collateralized by an approximately 62,000 square foot former BevMo! building which is part of the larger Still Water Plaza in Fallon, NV (about 61 miles east of Reno, NV). Although the property is currently vacant, the borrower has a lease ready to be signed with Harbor Freight to occupy 16,310 square feet. Once this new tenant is signed up (shortly after acquiring the property), the borrower will be left with 46,425 square feet of vacancy. There is new leasing broker working on filling the remaining space and they have had preliminary discussions with a grocery store, a Christian bookstore, and two smaller tenants. Other tenants in the plaza include Burger King, Wells Fargo Bank, Pizza Factory, Enterprise Rent-A-Car, Verizon Wireless, GameStop, and Jiffy Lube. Although these other tenants are not part of the collateral of the loan, they are all within the same shopping complex. The other space in the shopping plaza (which is owned by a different owner), have not had much of an issue with staying occupied unlike the building that the borrower is acquiring which has sat vacant for a few years. The prior ownership group was unrealistic in their rental rate expectations and

By Izzy|September 23rd, 2020|Funded Investments|0 Comments

Gallery
4000 E Patrick Lane, LLC #4792 | NEVADA – FUNDED

4000 E Patrick Lane, LLC #4792 | NEVADA – FUNDED

The collateral for this loan is 1.07 acres of land in Las Vegas, NV (approximately nine miles southeast of downtown Las Vegas, NV). Since acquiring the site in January of 2019, the borrower has successfully zoned the property for Office and Professional. Additionally, they received an overlay of AE-60 which will allow for the development, and ultimately construction of, medical office condos. Once the 14,000 square foot building is constructed, it will be able to be sold as 14 individual medical office condos. Two of the members of the LLC are purchasing two of the condos when they are complete. Now that the grading permit is almost ready to be pulled, this construction loan will enable the borrower to move forward with the construction of the property. Loan Amount: $2,240,000 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|August 17th, 2020|Funded Investments|0 Comments

Gallery
GGD Oakdale, LLC #4791 | MICHIGAN – FUNDED

GGD Oakdale, LLC #4791 | MICHIGAN – FUNDED

First Trust Deed collateralized by an approximately 136,000 square foot former Sears building which is part of the larger Jackson Crossing Shopping Mall in Jackson, MI (about 78 miles east of Detroit, MI). Current tenants in this mall include national brands such as Kohl’s, T.J. Maxx, Bed Bath & Beyond, Best Buy, and Target (these tenants occupy property inside the mall but not the collateral of this loan). Since acquiring the site in December of 2019, the borrower has demised the interior of the Sears building and updated the property to new building codes. Going forward, the borrower needs additional capital for the specific tenant improvements to the six new suites (the floor plan is on the next page). Tenants such as Hobby Lobby, Burlington, and Planet Fitness have all signed leases or letters of intent. These three tenants would occupy over 80% of the space and the remaining three smaller suites would be rented to local tenants once they are procured. With average lease rates of $7.00 per square foot, the property will generate enough cash flow to cover interest payments with just the three tenants already identified. Loan Amount: $6,100,000 Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal

By Izzy|August 11th, 2020|Funded Investments|0 Comments

Gallery
Gold Rose Construction LLC #4739 | Nevada – FUNDED

Gold Rose Construction LLC #4739 | Nevada – FUNDED

The collateral for this loan is an 8,536 square foot home located in the Northern part of Las Vegas (approximately 18 miles northwest of downtown Las Vegas, NV). The home consists of 11 rooms, 4 bedrooms, and 4.25 baths. Additional features of the home include 3 fireplaces and an 8-car garage. The most important feature of the home is the 4.13-acre lot the home sits on. Most homes in this area are on half acre lots. Given the size of the lot, the borrower is working with the city to allow 4 additional lots to be built. Since the tentative map has been approved, the borrower plans to begin development work immediately. Master Loan Amount: $3,600,000 Tranche Loan Amounts: #4740 $2,000,000, #4741 $400,000, #4742 $400,000, #4743 $400,000, #4744 $400,000 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: 9 months with one optional 9-month extension period at maturity.

By Izzy|July 14th, 2020|Funded Investments|0 Comments