The collateral for this first position trust deed is a 32.8 acres site that will eventually be developed into an industrial complex. The borrower has worked for about two years to acquire multiple parcels of land and assemble them into a large, undivided site which has allowed for some economic efficiencies when dealing with this size of a project. Given the size, one of the largest industrial developers has taken notice and currently has the property under contract to purchase from the borrower for over $21,000,000. Although some dirt will need to be brought to the site to raise the ground level, all utilities are stubbed to the site from Center Street.
Loan Amount: $9,000,000
Yield: 11% 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 no options to extend.