Grandpoint Community Builders, Inc. also operated as Northpoint Development and Next Group in San Jose. The closely held small business managed several LLC's, each named after a development project. Though the Erickson Family Trust had assets worth $38,000,000 they still looked elsewhere for funding.
Delmas Towers and Fifth Street Tower
Northpoint Development needed to raise 7 million to build Delmas Towers and Fifth Street Towers, so they offered a 50% return in 12 months for loans of $100,000 or more. Potential lenders asked many questions about the opportunity, so in 2007 Alex Erickson created a FAQ sheet with his answers.
Question: What is the collateral?
Answer: The contract, negotiated in 2005. It has a sales value, negotiated before any residential high rise projects broke ground in San Jose. Northpoint's interest is secured by a "Memorandum of Transaction", recorded by the Santa Clara County Recorder. Over $1,000,000 has been spent on achieving entitlements, thus the increased value. This is readily saleable if circumstances dictated.
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