First Trust Deed collateralized by a complete three bedroom, one and a half bath condo in The District of Green Valley Ranch. This condo is one of 88 within “The District” which is a mixed-use project adjacent to the Green Valley Ranch Casino with many residential amenities. Since acquiring the property over two years ago, the borrower has used this unit (along with another unit in the development) as a hotel alternative for their out of state employees. Since the corporate headquarters are located within “The District”, the borrower has many out of town employees coming through town. The loan will be paid off at the end of the term from normal company cashflows..
Loan Amount: $173,000
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: 6 months with one optional 6 month extension period at maturity.