First Trust Deed collateralized by an approximately quarter acre of land situated just east of Interstate 15 in Salt Lake City, UT. Loan proceeds will be used for the acquisition of the property which is currently zoned R-MU. As it currently stands, the property has been approved for a six story, 62-unit apartment building. The borrower also plans on acquiring the site directly to the south of this property in late November, closer to when the permits will be ready to begin construction. Once permits are ready, the borrower will pay off the loan by getting a construction loan.
Loan Amount: $925,000
Yield: 13.00% Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: Six months with an optional six month extension at maturity.