First Trust Deed collateralized by a fully constructed single family residential home in Salt Lake City, Utah (approximately seven miles southeast of Downtown Salt Lake City, UT). The home has recently been acquired by the borrower with the intent of fixing it up and selling it after the rehab work is completed. As of today, the remodeling is already underway with over 50% of the work completed. It is anticipated that the rehab work will be completed and the approximately 1,460 square foot 2-bedroom, 2-bathroom home will be listed for sale in the next 30 days.
Loan Amount: $290,000
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.