The Progressive Land Company, LLC #4746 | Colorado – FUNDED

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The Progressive Land Company, LLC #4746 | Colorado – FUNDED

The collateral for this loan consists of 44 partially developed townhome lots located in Colorado Springs, CO (approximately 61 miles south of Denver, CO). These 44 lots are part of a larger 221 lot community known as Victory Ridge which the borrower acquired about a year ago. The townhomes will average 1,500 square feet in size with an anticipated sales price averaging over $340,000. This is the second of three takedowns the borrower has elected to take from the seller. Lokal Homes has the option to purchase the remaining lots within Victory Ridge and are slated to do so in the coming months. Directly to the north of the property is a newly opened Icon Cinema in a growing “Interquest Corridor”.

Master Loan Amount: $3,124,000

Tranche Loan Amount: $71,000

Loan Type: This Master Loan will be sold in tranches, giving investors the opportunity to invest in one or more lots in the community. A breakdown of the lots is shown on the next page.

Yield: 10.00% interest is paid monthly in arrears with payments due on the 1st of each month with a 10- day grace period.

Term: 9 months with two optional 9-month extension period at maturity.

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