Collateral: First Trust Deed on 2.10 acres of residential land that will be turned into 4 custom home subdivison (APN# 125-23-505-001) located at 7070 Maverick Street., Las Vegas, NV 89131
Loan-to-Value: 75% based on appraisal completed 04/05/21 by Richard J. Potter of Ram Appraisal.
Minimum Interest: 6 months minimum interest guaranty. No prepayment penalty after 6 months. Interest reserve for 12 months. 6 months interest paid up front. Construction funds will be held in Construction Control with a 3rd party company to be disbursed as borrower meets construction milestones.
Funding Date: On or before August 6, 2021.
Borrower/Guarantor Profile: Gold Rose Group, LLC. Gary Briggs and Jacqueline Clark. Net Worth estimated at $4MM personal and $2MM in LLC. Borrowers website Gold Rose Group
Sources of Repayment:
- Sale of Properties to 3rd Parties
- Refinance with a conventional lender.
Loan Servicing: FCI Loan Servicing will provide loan servicing at Borrower’s expense.