First Trust Deed collateralized by twelve mostly developed residential lots located in the north west part of Las Vegas (17 miles north west of downtown). Since acquiring the property about a year ago, the borrower has successfully worked with the city to allow the development of 12 residential lots. Once the plat map was approved, the borrower began actual development work a few months ago to get the land developed into finished lots. It is anticipated that the development will be completed in two months at which point the borrower will begin constructing homes on the finished lots.
Loan Amount: $1,200,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (Principal Balance < $100,000) 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 one optional 9-month extension period at maturity.