Idaho Archives - Ignite Funding

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.

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