Las Vegas

First Trust Deed collateralized by 16 finished lots in the Lake Las Vegas area which is approximately 20 miles southeast of downtown Las Vegas. Since purchasing the property in September of 2022, the borrower successfully worked with the city and master HOA to get approval for the construction of homes on the property that meets the design requirements of the area. Originally acquiring 19 lots, the borrower oversaw the completion of the lots and ultimate sale of one of the lots. Two of the other lots are not encumbered by this loan since they are scheduled to be paid off in the coming months. The 16 unsold lots encumbering this loan are all available for sale. Blue Heron typically sells the lots to prospective home buyers who then contract with the Blue Heron to construct a home on the property. The borrower is also building a similar product line in a different community in Lake Las Vegas which is currently serving as the model home/sales office for this community until a new model home can be constructed. Given the size of the home and complexity of design, the model home won’t be finished for about a year. Master Loan Amount:

The properties consist of 7.5 acres of land which was purchased by the borrower in 2016 from the Bureau of Land Management. Since that time, the borrower has gone through many different rounds of negotiations with the county over land use to get the property rezoned. The property has a rural subdivision approval which allows for the development of 13 homes. It is anticipated that the property will receive the final map approval ultimate layout of the community in the ensuing months at which point the borrower will sell the property to a local homebuilder. Loan Amount: $2,050,000 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 an optional nine-month extension at maturity. Final maturity date is 11/7/24.

First Trust Deed collateralized by just over 18 acres of land in North Las Vegas, NV. Although the property is currently a level piece of dirt, it had a vibrant past. The property was home to apartments beginning in the early 1960’s and transitioned into low-income housing in the 80’s. As time went on, the property became very rundown, and riddled with crime. After the Department of Housing and Urban Development foreclosed on the previous owner during the financial crisis of 2008, the borrower began working with HUD and the city of North Las Vegas to plan what will eventually become a key piece to the city. The borrower formally acquired the property in October of 2020 for over $3,000,000 and will formally obtain city approval for an eight-building medical complex in late 2022. The borrower will then construct and sell each of the buildings once completed which is anticipated to begin in about a year. Loan Amount: $6,000,000 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 at maturity. Final maturity date is 5/1/24.