First Trust Deed collateralized by a fully developed four-plex apartment complex in Emery, Utah (approximately 170 miles south of Salt Lake City, UT). Two of the four units in the apartment complex have already been updated by the borrower while the other two will be renovated once the tenants move out at the end of July. The updated units have been renting for a $200 premium which will bring the total monthly cash flow to $1,900 per month. Once the rehab is completed on the last two units, it is the borrower’s intent to sell the building to an investor who will keep it as a cash flowing asset.
Loan Amount: $170,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (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 a six-month extension.