Investment Opportunity - 10% First Position Deed of Trust - Crowdfunded For Accredited Investors
#4 Off Topic Contributor
- Investor
- Round Rock, TX
Inner 10 Development is doing our first crowdfunded debt offering on iFunding. The offering went live today and has already subscribed to 16.7% in a matter of several hours.
This opportunity is to participate in lending (debt financing) for the construction of a 2-unit condo building in Austin, TX. Inner 10 Development already has 3 separate construction projects on the same street, has operated tens of similar projects in the area, and has successfully raised funds for two in-progress projects with iFunding. We have developed a sound, repeatable model for condo development in Austin.
Interest on this first-lien loan is 10% annualized. We estimate the project and effective loan term to be 9 months. Our executives have significant personal cash equity in the project.
Inner 10’s projects have a modern look and upscale amenities all around. The condo building will include two units of 1,834 sq. feet each. The cost basis will be approximately $311K per door (excluding sale & related closing costs) with an estimated sale price of $415K per door.
Forbes Magazine has ranked Austin as the fastest growing US city for four years in a row. This project is in a desirable area of town, a quiet neighborhood and one of the last locations with close proximity to downtown at an affordable price relative to other homes in the same zip code. There currently are only 10 active new construction listings in all of the 78702 area.
To subscribe please visit our project page on iFunding here:
10% First Position Deed of Trust Investment Page on iFunding
A detailed pro forma and along with a lot of other diligence material is available on the project page above.