First Trust Deed collateralized by a fully developed home in Tooele, Utah (approximately 35 miles southwest of Salt Lake City, UT). Since acquiring the property, the borrower worked with the city to obtain construction permits. Although demo has yet to begin, it is scheduled to start shortly. 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 one-bedroom, one bath home covering 803 square feet and was built in 1943.
Loan Amount: $125,000
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.