Moreland Hills, OH
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A grand contemporary colonial home situated on a wooded two acre lot on one of Moreland Hill’s most prestigious streets. Approximately 11,700 square feet that includes 5 bedrooms and 8 bathrooms.
Moreland Hills, OH Details
Structure
- Tax Document
- 1099-INT
- Offering Structure
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BPDNx
SENIOR BPDN - PROMISSORY NOTE SECURED BY COLLATERAL SECURITY AGREEMENTTHIS PROMISSORY NOTE IS SECURED BY THE ISSUER'S PLEDGE OF THE RELEVANT UNDERLYING COLLATERAL LOAN (AS DEFINED BELOW) TO THE LENDER (AS DEFINED BELOW) UNDER THE COLLATERAL SECURITY AGREEMENT AND PROMISSORY NOTE. HOWEVER, EXCEPT TO THE LIMITED EXTENT PROVIDED IN THE PROMISSORY NOTE WITH RESPECT TO THE UNDERLYING COLLATERAL LOAN, THIS NOTE IS NON-RECOURSE TO THE ASSETS, FUNDS AND ACCOUNTS OF YIELDI, LLC (THE "BORROWER", "COMPANY" OR "ISSUER") OR ANY OF ITS AFFILIATES, EMPLOYEES, AGENTS, STOCKHOLDERS, PARENTS, OR SUBSIDIARIES EXCEPT TO THE EXTENT OF THE VALUE OF COLLATERAL LOAN NET PAYMENTS ACTUALLY RECEIVED IN RESPECT OF THE UNDERLYING BORROWER LOAN.
Example Return on Investment
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Investment Amount:
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Annual ROI:
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$0
Why We Like This Opportunity
Moreland Hills, OH Highlights
A grand contemporary colonial home situated on a wooded two acre lot on one of Moreland Hill’s most prestigious streets. Approximately 11,700 square feet that includes 5 bedrooms and 8 bathrooms. The first floor includes the master suite with sitting room and fireplace, formal living room and dining room, kitchen, and two-story great room. A curved staircase takes you to the second floor complete with 4 bedrooms including to en-suite bathrooms and a jack and jill. The lower level features a full kitchen, media room, bar, two additional bonus rooms, and one and one-half baths. Outdoors you will find professional landscaping surrounding the circular driveway that leads to the 4-car garage, and in the backyard, a sprawling deck that surrounds the in-ground, kidney shaped pool.
About the Neighborhood
The Village of Moreland Hills is an affluent suburb of the Cleveland metropolitan area in Cuyahoga County. Located just 14 miles to the East of Cleveland, the village’s small size and expansive homes combine to make it one of the region’s most exclusive communities. Most residents own their homes with a median home value of $463,000.00 and median household income of $182,100.00. The public schools are highly rated and ranked as the #13 place with the best schools in Ohio as well as the #13 suburb in Ohio with the best schools by Niche. Moreland Hills is one of the best places to live in Ohio offering residents a rural feel with wide open spaces offering some of the best views in the Midwest, allowing residents to enjoy nature’s beauty right in their own backyard. You get to enjoy the best of two worlds here – the relaxing tranquility of a still mostly rural setting and the nearby conveniences of the big city.
Seniority
The first-priority mortgage lien position is the most senior and highest priority within the capital structure. In the event that a borrower defaults, the lien priority determines the order in which lenders are repaid. Senior lenders are always repaid first. All subordinated positions, including the amount held by the Originator and its investor syndicate, act as a buffer in the event of a deterioration in the Properties’ value.
Personal Guarantee
The Loans are personally guaranteed by the borrower, spouse, and all principals in the LLC. Additionally, the Sponsor and/or Guarantor are obligated to contribute monthly payments to maintain a tax and insurance reserve. Failure to adhere to reserve contribution requirements would lead to the triggering of a debt service and operating expense/shortfall guarantee.What Should I Consider When Investing in Moreland Hills, OH?
Borrower Risk
The Borrower may not have represented itself accurately. Risk Mitigation- The Originator checks the Borrower's credit history via a third-party credit reporting company. The Borrower has a 700 credit score.
- The Originator considers the underlying asset to be the primary source of security.
- If the Loans are not fully repaid after the Lender has exhausted other sources of repayment, the Borrower has provided a personal guaranty to fulfill any deficiency.
Default Risk
The Borrower may default on his financial obligations. Risk Mitigation- If the Loans are not fully repaid after the Lender has exhausted other sources of repayment, the Sponsor has provided a personal guaranty to fulfill any deficiency.
- In the event of a default, a direction letter signed at closing by the Borrower will be sent redirecting the Tenant to make rent payments into an account controlled by the Originator.
Vacancy Risk
The Tenant may vacate the leased properties. Risk Mitigation- The Tenant is an investment grade rated company with sizable financial resources.
- Under the triple-net leases, the Tenant is under multi-year contract to pay rent with no option to terminate.
- If the Tenant decides not to renew any of the leases or to vacate the leased premises, the Borrower will pay for an appraisal of the property “as vacant” and the borrower will have to provide the additional cash collateral and/or pay down the loan (or any combination in between) within ten days of receipt of the appraisal in order to bring the property back to an LTV.
Investment Summary Of Moreland Hills, OH
Investors have an opportunity to invest in borrower payment dependent notes, the cash flow of which is dependent on the payment of interest and principal repayment on the Loans. Investors are scheduled to receive an annualized monthly interest payment of Login for details over the Loans' estimated remaining term of 12 Months. Principal is expected to be returned on or before maturity through a refinancing with a traditional bank loan. It is important to note that the Loans are eligible for prepayment, and principal may be repaid prior to the 12 Months estimated remaining term. If the Loans are paid off before maturity, investors are expected to receive at least three months of interest payments in addition to return of principal.
How Do I Get Paid?
This loan had an initial term of 12 Months with an option at Yieldi's discretion to extend. As of March 20, 2023 there are 12 Months remaining. Investors will immediately receive monthly interest payments at an annualized rate of Login for details on the principal balance over the life of the loan. If you invest in this loan in the middle of a month, you will receive a prorated interest payment for your investment for your first investment month and then full monthly payments thereafter. All payments are made automatically via ACH on the 1st of each month and investors all paid by the 10th of the month.
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