The collateral for this first position loan is an approximately .6-acre lot in Bigfork, MT (approximately 100 miles north of Missoula, MT). Since acquiring the property earlier this year, the borrower has finalized plans with the community and city to construct a 2,450 square foot home on the site. This 50-lot community sits near the shores of the picturesque Swan Lake. This home will consist of four bedrooms and three bathrooms. Additionally, there will be a two-car garage and over 400 square feet of covered patio areas.
Loan Amount: $490,000
Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (Principal Balance < $100,000) Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Term: Nine months with three optional nine-month extensions at maturity.
