30+ years experienced residential developers and borrowers sought a 1st TD loan to finish development on this “pre-sold”, SFR property in Apple Valley, San Bernardino County, CA. Borrowers own “Evergreen Homes, LLC” Evergreen Homes (evergreenhomesca.com). Borrowers have already built and sold 8 SFRs similar to this subject property in this same “Dorada @ Vista Del Sol Estates” tract. Borrowers have 100 lots under contract and our loan allows the borrowers to close on this subject property lot and obtain 100% of the funds needed to build the house. Buyer demand has outpaced Builder’s Capital Investors. Borrowers’ resume includes having successfully “sold out” 4 large residential communities to date in Victorville, Oak Hills, Spring Valley Ridge and now Apple Valley. 100% of funds from this loan will be put into “Funds Control” and shall be released as construction progresses. Exit strategy from our loan is the sale of the property that is already in escrow with buyer’s deposit.
Borrowers have all approved plans in place and $500k+ “skin in the game” put into this project on permits. Borrower’s are also paying closing costs on this purchase.
The subject property when finished will be a brand new, semi-custom, 1 story, ranch style SFR in the “Dorado @ Vista Del Sol Estates” in Apple Valley, CA. The subject property will have 2,811SF of living space, sitting on a 21,286 SF lot. The subject property will have a total of 8 rooms, 5 Bed / 3 Bath, attached 2 car garage, energy efficient systems throughout, courtyard and covered patio. The subject property is within 10 minute proximity to many shopping plazas, shops, restaurants and schools near the city of Victorville and the 15 & 18 Interstate freeways.
What we like about this Trust Deed opportunity:
- Borrowers have $500k+ “skin in the game”
- 9.50% Annualized Return
- 6 months Guaranteed Interest
- 9 months Prepaid Interest
- Buyer in place and under contract for the finished house