real estate Archives - Ignite Funding

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Goodyear 49, LLC #6298 | ARIZONA – ($1.9M Available)

Goodyear 49, LLC #6298 | ARIZONA – ($1.9M Available)

The collateral for this loan is a 4.6 net acre site in Goodyear, AZ. The project will consist of 47 attached residential townhome units. All units will have three bedrooms and two and a half bathrooms ranging from 1,690-1,801 square feet. The modern looking townhomes will be constructed as a for sale community instead of the “build-to-rent” model that is prevalent in Arizona. The wet and dry utilities are almost complete for the entire site. Goodyear was founded by the tire and rubber company to grow the cotton used for their tires. The company shifted their focus from cotton to real estate and land development in the 1960s. Metro Phoenix is home to about 5 million people where net migration continues to fuel its growth. Over the past two decades, Phoenix has grown by nearly 100,000 people every year. Phoenix’s relatively young population with the age cohort 25-34 containing the largest percentage of residents (about 15%) are ideal purchasers/renters for the entry level townhomes. Although it is not the intent to hold the property as a built to rent community, the buyer has been approached by multiple equity firms to purchase the finished product when each of the buildings are

By Izzy|July 2nd, 2024|Available Investments|0 Comments

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Skyrim Development, LLC #6257 | UTAH – ($1M Available)

Skyrim Development, LLC #6257 | UTAH – ($1M Available)

The collateral for this loan is approximately 38 acres of land in Hurricane, UT which is approximately 140 miles northeast of Las Vegas, NV. Since acquiring the site, they have successfully worked with the city to get a preliminary plat and site plan approved. The site will ultimately consist of 15 single family detached lots, 132 attached townhome lots, 372 apartment units, and over 66,000 square feet of commercial space. The borrower will develop the entire project and sell off different sections to developers who will construct those specific aspects of the project. Two of the five “super pads” (the sections of the property designated for specific uses) have LOIs to purchase the property within 90 days of being developed. Development is anticipated to start within a week of funding the initial tranche of this loan and should be completed in approximately nine months. Master Loan Amount: $10,300,000 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 period. The final maturity date is 12/1/25.

By Izzy|June 11th, 2024|Available Investments|0 Comments

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Rhino Holdings Aurora, LLC #6264 | ILLINOIS – FUNDED

Rhino Holdings Aurora, LLC #6264 | ILLINOIS – FUNDED

: First position loan collateralized by part of a retail shopping center in North Aurora, Illinois (about 40 miles west of downtown Chicago, IL). Since acquiring the 120,000 square foot property in 2021, the borrower worked with existing tenants to sign new, long-term leases while simultaneously leasing up the vacancies within the project. Additionally, the borrower updated much of the property to prepare individual parts of the project for sale. The collateral for this loan is the UFC Gym space shown below. The tenant has been removed from the property as the borrower is getting ready to sign a new lease for another fitness user who is willing to pay more in rent. Once the tenant is operating and paying rent, the property will be able to be sold or refinanced. In total, the center is occupied by national tenants like Target, JC Penny’s, Michaels, Petco, Sally’s Beauty, Dollar Tree, and Bath & Body Works. Most of the existing tenants in the shopping center have been leasing the property for over 10 years. Loan Amount: $7,900,000 Yield: Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *6% is paid

By Izzy|May 23rd, 2024|Funded Investments|0 Comments

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Elegance Russell, LLC #6260 | NEVADA – FUNDED

Elegance Russell, LLC #6260 | NEVADA – FUNDED

This first trust deed is collateralized by 11.15 acres of land located about 11 miles southeast of downtown Las Vegas, NV. Since getting the up zoning approved, the borrower will continue to work with the city to get approval on their proposed tentative plat map. Right now, part of the project is zoned RM32 for multi-family residential. The other part of the project is zoned for general commercial purposes. The borrower intends to develop a 240-unit age restricted community where only people over the age of 55 will be allowed to live. The borrower currently owns and or manages over 5,000 rental units in and around Las Vegas, so they have a tremendous amount of experience in the field. As it currently stands, the project is nearly shovel ready and will be listed for sale shortly. Loan Amount: $4,100,000 Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 11/14/25. *For investments equal to or greater than $100,000 investors will earn 10.5%.

By Izzy|May 15th, 2024|Funded Investments|0 Comments

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Chicks Dig Scars, LLC #6208 | NEVADA – FUNDED

Chicks Dig Scars, LLC #6208 | NEVADA – FUNDED

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|Funded Investments|0 Comments

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Three Palms, LLC #6164 | NEVADA – FUNDED

Three Palms, LLC #6164 | NEVADA – FUNDED

The collateral for this loan is a 0.28 acre finished residential lot in McDonald Ranch which is a luxury, guard gated community in Henderson, NV (a suburb of Las Vegas). The lot was purchased in the middle of 2023 for $1,100,000 and since that time the borrower has been approved to build a custom home working with the city and HOA to get it done. The home will be about 7,168 square feet with an asking sales price north of $8,000,000. This would be the fifth such home the borrower has built in the same community over the past few years. Loan Amount: $3,100,000 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 7/31/25.

By Izzy|February 12th, 2024|Funded Investments|0 Comments

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Hillwood Homes at Silver Creek, LLC #6169 | UTAH – FUNDED

Hillwood Homes at Silver Creek, LLC #6169 | UTAH – FUNDED

First Trust Deed collateralized by four finished lots in Park City, UT. All the grading work for the site has been completed and is ready for the foundation to be poured. Construction permits have already been submitted for each of the nearly 5,000 square foot homes (including partially finished basements). Situated in the Silver Creek Village community that the borrower is currently building in, they have a great understanding of the type of home the market is looking for. Three of the homes are presold and the fourth home won’t be listed for sale until it is approximately 30% complete. Homes in the community average over $1,000,000 each. Master Loan Amount: $3,400,000 Yield: 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 7/31/25.

By Izzy|February 12th, 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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Harmony Homes Nevada, LLC #6128-#6142 | NEVADA – FUNDED

Harmony Homes Nevada, LLC #6128-#6142 | NEVADA – FUNDED

First Trust Deed collateralized by 98 finished residential lots in the Cadence Master Planned Community near the corner of Grand Cadence Drive and Sunset Road in Henderson, NV (roughly 15 miles southeast of downtown Las Vegas). This is the second phase of the larger 150 lot community that the borrower is actively selling in. This is the third community in this area the borrower has done with the exact same floor plans. With plans ranging from 1121 -1711 square feet and price points of under $350,000, these townhomes will help fill the demand for the entry level buyer. The first phase of the community continues to sell homes even in this post COVID era where home sales have slowed. Master Loan Amount: $4,018,000 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 7/23/25.

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

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Lokal Communities, LLC #6102-6110 | COLORADO – FUNDED

Lokal Communities, LLC #6102-6110 | COLORADO – FUNDED

The collateral of this loan consists of urban style townhomes located about 15 miles east of downtown Denver and just minutes from Denver International Airport. Most of the homes constructed have been sold already with less than 10 remaining available for sale. Townhomes in the community range from 1,051 to 1,264 square feet and are selling anywhere from $344,000 to $387,000. Lokal Homes is offering multiple two-bedroom, two-bath and multiple three-bedroom, three-bath floor plans to accommodate single family residents. The community known as Gateway Commons offers a central grass park with fire pit and a dog park. Each of the units has a one-car garage included. The borrower currently anticipates completely selling out of the units by the end of the summer. Master Loan Amount: $2,398,000 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 7/8/25.

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