First Trust Deed collateralized by a partially constructed single-family residential home in Salt Lake City, Utah (approximately 2 miles east of downtown Salt Lake City and a half mile west of the University of Utah). After acquiring the property over two years ago, the borrower tore down the existing home and has begun work on the approximately 1,160 square foot 4 bedroom, 2 bathroom home depicted on the right. The construction of the home is anticipated in late 2016.
Loan Amount: $276,000
Yield: 10.00% (Principal Balance < $100,000); 10.25% (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 an optional six month extension at maturity.