Elm Meadows Addition, LLC #5735 | TEXAS – FUNDED

First Trust Deed collateralized by entitled land in Lubbock, TX. Since purchasing the property in 2022, they worked with local government officials to get approval of a 122-unit development. The 122 units average 0.15 acres in size and will eventually have homes averaging 1,200 square feet with three bedrooms and two bathrooms. The loan will encumber units as they begin construction with all remaining construction costs allocated through the funding of this entire loan. Upon completion of the homes, they will be rented and held onto by the borrower as a built-to-rent community which will operate much like an apartment complex. There will be an onsite property manager and maintenance specifically dedicated to this community. With average monthly rents of nearly $1,700 per unit, the property generates enough excess cashflow to qualify for traditional takeout financing when completed. There will be six different floor plans in the community, all of which have already been approved by the city for construction. The average build cycle is expected to be four months from start to finish for each home. Master Loan Amount: $18,910,000 Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a