29.53 acres of land in Oliverhurst, CA has been funded.
The property is adjacent to the huge Plumas Lakes residential
developments along Highway 70 in Yuba County just south of Marysville.
It is anticipated that the developer will be submitting a zoning change
to commercial / light industrial use.
Based upon the 2004 purchase price of $25,000 per acre,
this would indicate a 44% loan to value. As additional security, the
borrower has provided personal guarantee in addition to the First Deed
of Trust.
The note is for (1) year, paying 12% interest on an
annual basis, paid monthly to the Investors, with a minimum of six (6)
months interest guaranteed. There is a 12 month Interest Reserve which
will be collected at closing and held in the trust account. Payments
will be made in the fist week of each month.
Some fractional interests may still be available.
If at any time you have any questions regarding the
project, please call Lee Kauftheil at 800-689-8323, Ron Kahn at 650-279-0366, or Greg Meister at
650-400-5599.
