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 have 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 Funding 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. The pictures on the next page were taken on 3/20/22 to give you a sense of the current progress.
Loan Amount: $500,000
Yield: 10% 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 two optional nine-month extension at maturity. Final maturity date is 7/11/23