passive income Archives - Ignite Funding

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Chicks Dig Scars, LLC #6208 | NEVADA – ($1.5M Available)

Chicks Dig Scars, LLC #6208 | NEVADA – ($1.5M Available)

The collateral for this loan is a 1.13 acre parcel of land located in the “Arts District” of Las Vegas, Nevada. The Arts District has seen an enormous amount of revitalization after large capital infusions in the area have completely changed the overall dynamics. The 32,000 square foot building was originally constructed in the 1950’s for Mission Linen Supply company which provided uniforms for the casinos throughout the 20th century. The plan of the borrower is to preserve the historical aesthetic of the building by bringing in three synergistic tenants to the area. Half of the space will be occupied by the Evel Knievel Museum which will become the flagship Evel Knievel experience and museum. The other half of the property will be occupied by a pizza tenant and a café. Over the next 12 months, the borrower anticipates spending nearly $10M prior to closing on a construction loan. Total project costs are expected to be $19.5M. A small portion of the 1.13 acres will be released from this collateral once a parcel split has been completed. This will result in no money coming back to the investors, but the BPO shown herein already takes that into account. Loan Amount:

By Izzy|March 12th, 2024|Available Investments|0 Comments

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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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Rhino Holdings Summit, LLC #6165 | NEVADA – FUNDED

Rhino Holdings Summit, LLC #6165 | NEVADA – FUNDED

The collateral for this loan is part of an approximately 600,000 square foot shopping center known as The Summit Shopping Center in Reno, NV. The specific collateral for this loan is a 20,342 square foot parcel that will have a 2,332 square foot building constructed. The single tenant building is 100% preleased to a national Mexican quick serve restaurant that anticipates opening in July. The property sits off interstate 580 which has over 50,000 cars passing it per day, giving the shopping center great visibility and access. The tenant has signed a new 10-year lease with four five-year options to extend. The tenant is responsible for all costs except the roof and structure which are the landlord’s responsibility with makes this a true triple net lease. Loan Amount: $2,628,000 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. Final maturity date is 10/29/2024

By Izzy|February 1st, 2024|Funded Investments|0 Comments

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Grays Development Company, Inc #6156-#6163 | COLORADO – FUNDED

Grays Development Company, Inc #6156-#6163 | COLORADO – FUNDED

The collateral for this loan consists of 190 partially developed residential lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 190 lots are part of 13.7 acres that is being developed into 229 residential units consisting of five 20-unit condo buildings, four-10 unit condo buildings, and 89 single family residences. The 229 total units are part of a larger 800 lot community known as Victory Ridge which the borrower originally acquired back in 2018. The townhomes will average 1,600 square feet in size with an anticipated sales price averaging over $485,000. This is the fourth and final takedown the borrower has elected to take from the seller. Lokal Homes, the home builder of this project, is averaging nearly six sales per month since sales began five years ago. Master Loan Amount: $18,650,000 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 two optional nine-month extensions at maturity. Final maturity date is 4/27/26. *For investments equal to or greater than $100,000 investors will earn 10.5%.

By Izzy|February 1st, 2024|Funded Investments|0 Comments

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Harmony Homes Nevada, LLC #6144-#6148 – FUNDED

Harmony Homes Nevada, LLC #6144-#6148 – FUNDED

First Trust Deed collateralized by 29 finished townhome lots that was once roughly 1.44 acres of residentially zoned land near the corner of Vegas Dr and N Rancho Dr. This community is roughly five miles northwest of downtown Las Vegas. The land was zoned R-2 which allowed for the development of 34 homes on the site, but the borrower worked with the city to approve a 248-lot community. Since acquiring the site about five years ago, the borrower has continued to work with the city to approve the 248- lot community as depicted on the next page. Home sales have already begun, averaging $330,000 and 1,300 square feet in size, it is anticipated the borrower will be sold out of the community by the middle of 2024. Master Loan Amount: $1,522,500 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 7/23/25.

By Izzy|January 16th, 2024|Funded Investments|0 Comments

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Lokal Communities, LLC #6112-6126 – FUNDED

Lokal Communities, LLC #6112-6126 – FUNDED

The collateral of this loan consists of 3-story urban style townhomes located about 15 miles from Colorado Springs Airport. Most of the homes constructed have been sold already with less than 20 remaining available for sale. Townhomes in the community range from 1,238 to 2,157 square feet and are selling anywhere from $399,990 to $539,990. The floor plans for the collateral of this loan are shown on the next page. The three different types of units consist of three- and four-bedroom units with 2.5 or 3.5 bathrooms. The community known as The Vistas at West is surrounded by countless outdoor activities and recreation, as well as fine dining and entertainment. Each of the units has a one-car garage included. The borrower currently anticipates completely selling out of the units by the end of summer. Master Loan Amount: $6,143,000 Yield: 12% 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 7/9/25.

By Izzy|January 9th, 2024|Funded Investments|0 Comments

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Etta Lo, LLC #6083 | TEXAS – FUNDED

Etta Lo, LLC #6083 | TEXAS – FUNDED

First Trust Deed collateralized by 2 fully built residential duplexes in Wolfforth, TX (about 12 miles southwest of Lubbock, TX). Consistently ranked in the fastest growing markets in Texas, there is a need for new housing supply in this area. The borrower is purchasing these 2 completed units from Prez Enterprises. Our borrower will then lease up the properties and sell the rented properties to their investors as cash flowing assets. Each home sits on approximately .17 acres of land with units ranging from 2,446 to 2,700 square feet in size. The address to the first Assessor Parcel Number shown above is 501 East 21st Street Wolfforth, TX 79382 and the second one is 2006 Bryan Avenue Wolfforth, TX 79382. Loan Amount: $700,000 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 6/26/2025.

By Izzy|January 8th, 2024|Funded Investments|0 Comments

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Kavison Homes, LLC #6054 | NEVADA – FUNDED

Kavison Homes, LLC #6054 | NEVADA – FUNDED

The collateral for this loan is an unfinished residential lot with 0.76 acres of space located just under one mile east of the Harry Reid International Airport in Las Vegas. Improvements include multiple points of ingress and paved roads to the parcel. In the surrounding area there are other residential communities and commercial units located on the north, east and south sides of the lot. The lot was sold back in June of 2022 and has been sat on due to the economy, but it has now been deemed an exceptional time to start funding this project that includes eight townhomes. The borrower has already consulted with a few of the top developers in Las Vegas to price out construction jobs. The borrower ultimately chose M Square Development to build these townhomes. Homes in this townhome community sit at 2,888 square feet. Loan Amount: $1,100,000 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 6/27/25.

By Izzy|January 5th, 2024|Funded Investments|0 Comments

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Nola Star Holdings, LLC #6058 | NEVADA – FUNDED

Nola Star Holdings, LLC #6058 | NEVADA – FUNDED

The collateral for this loan is a residentially zoned 8.83-acre parcel of land situated near the NW corner of Smoke Ranch Rd and Rancho Dr. The property is directly north of an 11.77-acre site that the borrower is currently building over 300 apartment units on. Our collateral will be the next phase of development and will continue with the multifamily development. Both parcels are just west of the North Las Vegas Airport. At the northernmost cross access easement, which extends west from North Rancho Drive, there is a signaled traffic light which also greatly improves access to the sites. In the surrounding area there are other residential communities and commercial units located on all sides surrounding the lot. Also, all underground utilities, including gas, water, and sewer are completed and extended to the subject site. The lot was purchased about three years ago and since that time the borrower has started construction on the first phase and will begin construction on this phase in about a year Loan Amount: $7,366,000 Yield: 11% 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 two additional nine-month extension

By Izzy|December 15th, 2023|Funded Investments|0 Comments

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Villas at 75th, LLC #6050 | ARIZONA – SOLD OUT

Villas at 75th, LLC #6050 | ARIZONA – SOLD OUT

The collateral for this loan consists of approximately 7.4 acres of multifamily zoned land in Phoenix, AZ. The current owner purchased the property a few years ago and worked with the proper government officials to get the site approved for a 112 unit attached residential community. The homes will be developed and ultimately constructed in two phases. The development work will begin around January of 2024. Even prior to the completion of the horizonal development work, the borrower and their general contractor will begin the vertical construction of the units. It is anticipated that the whole project will be completed in approximately 24 months. Subsequent tranches of this loan will be used to complete all 100 units of this project. All units are three bedrooms with 3 bathrooms covering 1,400 square feet of living space each. Master Loan Amount: $11,800,000 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 two optional extensions at maturity. Final maturity date is 3/11/26.

By Izzy|December 12th, 2023|Available Investments|0 Comments