First Trust Deed collateralized by a fully constructed single-family residential home in Magna, Utah (approximately 15 miles west of Salt Lake City, UT). The home has recently been acquired by the borrower with the intent of fixing it up and either selling it or holding onto it as a rental unit. After acquiring the property, the borrower has begun work to rehab the home in order to better position this approximately 1,222 square foot 4 bedroom, 2 bathroom home for sale or rent.
Loan Amount: $123,000
Yield: 10.00% (Principal Balance < $100,000); 10.25% (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.