First Trust Deed collateralized by a 2,277 square foot home located in Lake Havasu City, AZ (less than a mile from the actual lake of Lake Havasu). Built in 1972, the estate home consists of three bedrooms and two and a half bathrooms along with a four car tandem garage. The borrower will be renovating the property since no major work has been done to the property in over 20 year. In addition, the borrower anticipates building a RV garage on site which they believe will increase the value significantly.
Loan Amount: $575,000
Yield: 11.25% (Principal Balance ≥ $100,000); 11.00% (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.
Term: Six months with an optional six month extension at maturity.