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3943 Founders Club Drive

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Amount Raised
$712,500
Goal
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Raise Details

  • Gross Offering
    $712,500 USD
  • Available Units
    6.00
  • Minimum Investment
    $47,250 USD
  • Maximum Investment
    $712,500 USD
  • Open Date
    Nov 01,2022
  • Closing Date
    Nov 30,2022
  • Investment Type
    Second Mortgage
  • Maturity
    12 months
  • Real Estate Use
    Residential
  • Maturity End Date
    Nov 30,2023

Type

Type Number of Units Available Units Cost per Unit Payback Per Unit Gross Offering Annual Yield Effective Yield Term
Series A 3.00 3.00 $94,500.00 USD $112,500.00 USD $337,500.00 USD 16.00% 19.05% 12 months
Series B 3.00 3.00 $100,750.00 USD $125,000.00 USD $375,000.00 USD 19.40% 24.07% 12 months
Totals 6.00 6.00 $712,500.00 USD

Executive Summary

Overview. Chesterfield Faring Ltd (the “Lender”) is providing a $712,500 second mortgage loan (the “Loan”) secured by the $3.25 million residential property located at 3943 Founders Club Drive, Sarasota, Florida 34240 (the “Property’). The Property is an upscale property near the ocean with ocean views. Unharmed by Hurricane Ian.

The Borrower. Jeffrey Finn is the sponsor that owns 100% of Founders Renaissance LLC (the “Borrower”). Jeff Finn is personally guaranteeing the Loan. Once the Property is completed, the Borrower will refinance.

The Loan. The gross funded amount of the Loan is $712,500 less closing costs with 12-month prepaid interest reserve covering the one (1) year term. Minimum interest is for a six (6) month period for the investors.

Participations. The Loan is divided into two tranches and six (6) units. The Series A has three (3) units priced at $112,500 face amount per unit at a net amount of $94,500 after deducting $18,000 in prepaid interest, The net effective annual yield is 19.05%. The Series B has three (3) units priced at $125,000 face amount each at a net cost of $100,750 per unit after deducting $24.250 of prepaid interest. The net effective annual yield is 24.07%.

Highlights

  • The Property consists of a single-family home under construction.
  • A modern three (3) bedroom home with 3.5 baths plus a one (1) bedroom.
  • A pool with a view of the ocean. The Property is in the Founders Club.
  • This is a great project with a club house and golf course.

Comments

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