Vestin Fund III, LLC Announces Investment in First Trust Deed Loans
LAS VEGAS — Vestin Fund III, LLC announced today:
–The Company has made an investment of $1.4 million in a $10 million loan originated by the Company’s manager, Vestin Mortgage, Inc. The loan is secured by 46 acres of land in Galveston, Texas, which is planned for a 400 unit multi-family complex. The loan is for one (1) year, with up to four (4) extension periods of three (3) months each and is guaranteed by the owners of the borrower. Vestin Realty Mortgage I, Inc. and Vestin Realty Mortgage II, Inc. are also participants in the loan.
–The Company has made an investment of $350,000 in an $18 million loan originated by the Company’s manager, Vestin Mortgage, Inc. The loan is secured by 164 preliminarily mapped single-family lots, situated on 171 acres of land in Glendale, Arizona. The loan is for one (1) year, with up to four (4) extension periods of three (3) months each and is guaranteed by the owners of the borrower. Vestin Realty Mortgage I, Inc. and Vestin Realty Mortgage II, Inc. are also participants in the loan.
About Vestin Fund III, LLC
Vestin Fund III, LLC is a limited liability company that invests in short term secured loans to commercial borrowers and invests in income producing real estate. Vestin Fund III, LLC is managed by Vestin Mortgage, Inc., which is a subsidiary of Vestin Group, Inc., a well-known asset management, real estate lending and financial service company. Since 1995, Vestin Mortgage, Inc.’s mortgage activities have facilitated more than $1.8 billion in lending transactions.
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties, such as the Company’s potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company’s business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
COPYRIGHT 2006 Business Wire
COPYRIGHT 2006 Gale Group