First Trust Deed collateralized by 32 finished lots in the Sky Meadows Subdivision in Spanish Fork, UT (approximately 54 miles south of downtown Salt Lake City). The borrower is acquiring these 32 lots as well as two additional lots in the community. The community consists of 49 total lots with the remaining lots being held by a separate homebuilder. These finished lots are ready to have building permits pulled and home construction started. The borrower anticipates two starts per month starting in month three. This means they anticipate paying all this loan in its entirety when the loan fully matures. Homes in this community will be four bedrooms, 3.5 bath homes with a two car attached garage. Home prices will start in the high $600’s with an anticipated average sales price of $720,000. The first home closing should occur in the first quarter of 2024.
Master Loan Amount: $5,472,000
Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10- day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%.
Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 12/20/24.
