30+ years experienced residential developers and borrowers are 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 55 SFRs similar to this subject property in this same “Dorada @ Vista Del Sol Estates” tract. Evergreen Homes has 100 lots under contract and our loan allows the borrowers to close on this pre-sold subject property lot and obtain 100% of the funds needed to build the house. This Dorada development has 20 homes completed with inhabitants and 35 homes purchased and under construction. Sales remain brisk for these wonderful homes and the borrower has selected CrowdTrustDeed to provide this financing.
Borrowers’ resume includes having successfully “sold out” 4 large residential communities to date in Victorville, Oak Hills, Spring Valley Ridge and now Apple Valley. Funds from this loan will be put into “Funds Control” and shall be released as construction progresses. The construction budget is vetted by the General Contractor and is in line with the many other recently completed homes in the project. Exit strategy from our loan is the sale of the property that is already in escrow with a final buyer’s $10k deposit. The final buyer has been approved for future conventional financing to take us out.
What we like about this Trust Deed opportunity:
- 732 & 723 credit scores
- Borrowers have $500k “skin in the game”
- 10.50% Annualized Return
- 9 months Guaranteed Interest
- 9 months Prepaid Interest
- Buyer in place and under contract with Deposit for the finished house
- Substantial equity cushion
