Idaho Archives - Ignite Funding

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Rhino Holdings Nampa, LLC #6203 | IDAHO – FUNDED

Rhino Holdings Nampa, LLC #6203 | IDAHO – FUNDED

The collateral for this loan is an approximately 107,000 square foot building that is part of the District 208 Shopping Center, formally known as the Karcher Mall in Nampa, ID (approximately 22 miles west of downtown Boise, ID). Since acquiring the nearly 400,000 square foot indoor mall back in 2019, this space is the last piece of the puzzle that remains. The borrower demolished about 25% of the entire mall, added a few outparcels, and is turning the excess parking in the back of the shopping center into apartment buildings. While the apartments are not part of this collateral, the completion of them is paramount to getting this last parcel leased. Now that the apartments are almost complete, a tenant has signed a new lease. The new lease will commence after the apartments and tenant improvements have been completed. This completion is anticipated to be in August of this year. The tenant is a discount store and warehouse based in Pennsylvania who currently has nearly 20 locations. Loan Amount: $8,900,000 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

By Izzy|March 4th, 2024|Funded Investments|0 Comments

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Forever Home, LLC #5900 | IDAHO – FUNDED

Forever Home, LLC #5900 | IDAHO – FUNDED

The collateral for this first position trust deed is a nearly 1.25-acre property with a 4,150 square foot home on it. This six bedroom, four and a half bathroom custom home was built in 1977 in the Aspen Grove Subdivision, an idyllic community situated in Meridian, ID which is about 13 miles West of Boise, ID. Over the past year nearly the entire home has been updated with new and modern fixtures. Loan Amount: $800,000 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 no additional extensions available. Final maturity date is 4/27/24.

By Izzy|July 25th, 2023|Funded Investments|0 Comments

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Southbridge, LLC #5826 | IDAHO – FUNDED

Southbridge, LLC #5826 | IDAHO – FUNDED

The collateral for this loan is 11 acres of land in Idaho Falls, ID. Since acquiring the land about two years ago, the borrower worked with the city to get the plat map approved for the construction of a 160-unit build-to-rent townhome community. Although the collateral for the project is all the land that will ultimately become the 160-unit community, this loan is for the vertical construction of 84 of the units and the land associated with phase two which will eventually be 76 more units. In this fast-growing market, rental rates have outpaced the supply of available product which this property will help to satisfy. Lease up should happen in short order which will allow for the refinance to happen on a rolling basis. Each of the units will average 1,425 square feet and are anticipated to rent for $1,825 per month. It should also have one of the nicest amenity packages in the entire market. Loan Amount: $15,800,000 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 extension period. The final maturity date is 12/7/24

By Izzy|June 13th, 2023|Funded Investments|0 Comments

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FIG Laguna Farms, LLC #4648 | IDAHO – FUNDED

FIG Laguna Farms, LLC #4648 | IDAHO – FUNDED

The collateral for this loan is nearly 25 acres of land that consists of 312 partially developed townhome lots located in Nampa, ID (approximately 19 miles west of Boise, ID). Most of the 312 units are presold as investment properties to the borrower’s clients. Since acquiring the site, the borrower has completed approximately 80% of the development of the first phase. The individual buyers will pay off this loan as they each acquire construction financing. The first construction loan is expected to be ready in July of 2020 with all the lots expected to be paid off by the end of the year. Loan Amount: $6,400,000 Term: Nine months with an optional nine-month extension at maturity. 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.

By Izzy|March 25th, 2020|Funded Investments|0 Comments

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Rhino Holdings Nampa, LLC #4647 | IDAHO – FUNDED

Rhino Holdings Nampa, LLC #4647 | IDAHO – FUNDED

First Trust Deed collateralized by an approximately 250,000 square foot lifestyle center in Nampa, ID (about 22 miles west of Boise, ID). Current tenants in this mall include national brands such as Big 5 Sporting Goods, Ross Dress for Less, and Jo-Ann Fabric as well as many local tenants. Since acquiring the site in May of 2019, the borrower demolished over 110,000 square feet of indoor shopping area to convert the mall into a regional lifestyle center. Part of the money will pay off the existing loan and part of it will go towards the remaining work that needs to be completed. The money earmarked to complete the site includes money for the parking lot, tenant improvements for on one of the largest remaining vacancies, and an out-parcel needs to be built that is already mostly preleased. The parking lot work will begin immediately while the tenant improvements and outparcel work is not slated to begin for a few weeks. Loan Amount: $13,600,000 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

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