First Trust Deed collateralized by a fully developed home in Magna, Utah (approximately 14 miles west of Salt Lake City, UT). Since acquiring the property, the borrower has completed most of the demo work and now are awaiting final building permits to complete the rehab of the property. It is anticipated that the borrower will finish the work in the next 120 days at which point they will sell the home. The home is a two-bedroom, one bath home covering 776 square feet and was built in 1918.
Loan Amount: $149,000
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.