First Trust Deed collateralized by a fully developed home in Salt Lake City, Utah (approximately 3 miles northwest of downtown Salt Lake City, UT). Since acquiring the property, the borrower has completed the demo work and has started “roughing in” the electrical work. Work is scheduled to continue to progress and it is anticipated that the borrower will finish the work in the next 100 days at which point they will sell the home. The home is a three-bedroom, one and a half bath home covering 1,576 square feet and was built in 1907.
Loan Amount: $220,000
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.