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Vita Watt Surprise, LLC #4641 | ARIZONA – COMING SOON!

The collateral for this loan is 15.09 acres of land on the Southwest corner of W Cactus Rd and N Reems Rd in Surprise, AZ (approximately 30 miles northwest of downtown Phoenix, AZ). Since the borrower went under contract to acquire the site 15 months ago, they have successfully worked with the city to approve a 150-unit apartment complex. Of the 150 units, 22 are studio apartments (15%), 38 are one bedroom (26%), and 90 (59%) are two-bedroom units. The borrower anticipates receiving their grading permit and construction loan in six months, at which point the loan will be paid off. The construction loan for this project will go towards the total project cost of $30,000,000.

Loan Amount: $3,000,000

Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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: Nine months with an optional nine-month extension at maturity.

Vita Watt Southern, LLC #4640 | ARIZONA – COMING SOON!

The collateral for this loan is 17.76 acres of land on the Southwest corner of 59th Ave and Southern Ave in Phoenix, AZ (approximately 10 miles southwest of downtown Phoenix, AZ). Since the borrower went under contract to acquire the site in August, they have successfully worked with the city to approve a 199-unit apartment complex. Of the 199 units, 28 are studio apartments (14%), 54 are one bedroom (27%), and 117 (59%) are two-bedroom units. The borrower anticipates receiving their grading permit and construction loan in six months, at which point the loan will be paid off. The construction loan for this project will go towards the total project cost of $41,000,000.

Loan Amount: $4,100,000

Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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: Nine months with an optional nine-month extension at maturity

Harmony461, LLC #4637 | NEVADA

First Trust Deed collateralized by 26 approximately 0.08 acre fully completed residential lots located in the Northridge community in North Las Vegas, Nevada.  This community comes on the heels of the borrower selling out of the 100-lot community kitty-corner to this one as well as the 93-lot community directly to the east of the community. Since the borrower has sold out of both the existing communities over the past few years, the borrower knows exactly what the home buyers in the area want in the form of floor plans and price points. With that said, this 119-lot community known as Northridge will have an average sales price of $290,000 and average 2,000 square feet in size. The borrower began closing homes within the community in December of 2018 and is anticipated to sell out of the community in the summer of 2021.

Loan Amount: $1,274,000

Yield: 10.50% (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.

 

Harmony Homes Nevada, LLC #4638 | NEVADA

First Trust Deed collateralized by 30 acres of land located near Highway 215 and Centennial Parkway in Las Vegas, NV (roughly 18 miles Northwest of downtown Las Vegas, NV). The community is well located near shops and amenities for potential homeowners. Since winning the Bureau of Land Management auction in September of 2019, the borrower has begun work with the city to get the property zoned to allow the development of a 336-lot community. Although the final approvals have not been obtained, the borrower is acquiring the property with the expectation of starting site work in September of this year. Development work is expected to be completed in July of 2021 at which point home sales will begin. The sale prices of the town homes are expected to start at $250,000 and average 1,300 square foot per unit.

Loan Amount: $7,400,000

Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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.

Vita Watt Elliot, LLC #4636 | ARIZONA

The collateral for this loan is 22.51 acres of land near the Northeast corner of 59th Ave and Elliot Rd in Phoenix, AZ (approximately 15 miles southwest of downtown Phoenix, AZ). Since the borrower went under contract to acquire the site over a year ago, they have successfully worked with the city to approve a 249-unit apartment complex. Of the 249 units, 38 are studio apartments (15%), 62 are one bedroom (25%), and 149 (60%) are two-bedroom units. The borrower anticipates receiving their grading permit and construction loan in six months, at which point the loan will be paid off. The construction loan for this project will go towards the total project cost of $46,000,000.

Loan Amount: $3,800,000

Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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: 9 months with one optional nine-month extension period at maturity.

 

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