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Sparks Golden Holdings, LLC

Residential • Acquisition • Sparks, NV 89436
Loan Number: #L0000021
Full Commitment $8,000,000
Available
$12,000
Investor Interest Rate
9%
Minimal Investment Amount
$1,000
Maturity Date
4/28/2022
Borrower
Sparks Golden Holdings, LLC
Loan to Value Ratio
80%

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About this property

Property Address
Sparks, NV 89436
Property Details
Sparks Golden Holdings, LLC acquired a nearly 15-acre parcel of land approximately 13 miles north east of downtown Reno, NV. The borrower is acquiring these nearly 15 acres from the seller who has tentative approval for a master plan consisting of over 40 contiguous acres of land. Within the masterplan, only the 15 acres the borrower is acquiring will be constructed into apartment units. The remaining acreage will be used for commercial space and condo units. Please note the address listed is not the property address. It is only provided for reference purposes.
How the funds will be used

Acquisition

Borrower will utilize funds for the acquisition of the property.
How the funds will be used

Acquisition

Borrower will utilize funds for the acquisition of the property.

Financials

Borrower
Sparks Golden Holdings, LLC
Loan Offering
$15,000
Full Commitment
$8,000,000
Yield
9%
Payment
Borrower's interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Investor interest is paid in arrears on the 1st of each month.
* Notes are structured as borrower payment dependent notes, not secured by any Connect Invest assets. Please review our Privacy Placement Memorandum for additional information.
Type of Project
Residential
Phase of Project
Acquisition
12
Term
9 months with an optional 6 month extension available to the Borrower for a total of 15 months.
Maturity Date
4/28/2022

Maturity date can fluctuate and is dependent on the date the loan funds.

Valuation Amount
$10,000,000
Loan to Value Ratio
80%
Exit Strategy
Sale or refinance of the property upon completion.

Borrower

Sparks Golden Holdings, LLC
Sparks Golden Holdings, LLC is a special purpose entity set up by TRU Development, the development company running this project, specifically for this asset. TRU Development is a developer based in Southern Nevada with over 40 years of general contracting experience combined with over 60 years of commercial development experience. TRU Development manages each project from cradle to grave. They have successfully developed over 1300 condominium and multi-family units in Nevada and Arizona with extensive experience in retail, office, industrial and self-storage development. The goal of TRU Development Company is to build quality projects that exceed expectations while building strong relationships.