First Trust Deed collateralized by a parcel of a commercially zoned property approximately 170 miles east of San Diego, CA and 180 miles west of Phoenix, AZ. Since the borrower acquired the site in October of 2020, they worked with the local municipalities to get the property entitled to allow the construction of a geriatric behavioral health facility. This will be the borrowers fifth such facility since 2011 with plans on doing two more each year. Once completed, the property will consist of 16,800 square feet facility with 24 beds. Additionally, Ignite was able to review the appraisal that shows a completed value of the asset at $11,907,000 and a stabilized value of $14,886,000.
Tranche Loans: Estimated Date Estimated Amount Loan#
4/12/2021 $1,800,000 5067
5/14/2021 $1,000,000 TBD – Not open for investment at this time
6/11/2021 $1,000,000 TBD – Not open for investment at this time
8/13/2021 $1,000,000 TBD – Not open for investment at this time
10/15/2021 $1,000,000 TBD – Not open for investment at this time
12/17/2021 $1,000,000 TBD – Not open for investment at this time
2/11/2022 $1,000,000 TBD – Not open for investment at this time
3/11/2022 $1,000,000 TBD – Not open for investment at this time
Yield: 10.0% Interest is paid monthly in arrears with payments due by the 10th of the month
Master Term: 9 months with two optional nine-month extension periods at maturity. Final maturity on 7/11/23
