First Trust Deed collateralized by a fully developed residential lot in West Haven, Utah (approximately 40 miles north of Salt Lake City, UT). The home lot has a partially completed 2,400 square foot, five bedrooms, two-bathroom home constructed on it. It is anticipated that the borrower will be completely done with construction of the home within the next six months. Once the home is fully constructed, it will be sold to a home buyer and the loan will be paid off.
Loan Amount: $363,000
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: Eight months with an eight-month extension.