First Trust Deed collateralized by a fully developed duplex in Salt Lake City, Utah (approximately 2 miles southeast of downtown Salt Lake City, UT). Both units are now vacant since the owner acquired the property and are about 80% completed with the demo in anticipation of beginning the rehab next month. The final renovations are expected to be completed in 60 days at which point the borrower will lease the property. The borrower has not yet determined if he will be selling this building or keeping it for his long-term holding portfolio.
Loan Amount: $375,000
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.