First Trust Deed collateralized by an approximately 14.13 acre parcel of land located in Cathedral City, CA (approximately 113 miles east of Los Angeles, CA). Since acquiring the property in January 2014, the borrower has spent nearly $400,000 in getting the property zoned for a commercial project. In addition to the anticipated BPO, the borrower currently has the property under contract for over $3,800,000 with an anticipated close date in June of 2017. The potential buyer of the property is looking to open a recreational marijuana dispensary if approved by the state government. Proceeds of this loan will help fund an apartment acquisition in Las Vegas for the borrower.
Loan Amount: $1,050,000
Yield: 11.5% 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 an optional six month extension at maturity.