First Trust Deed collateralized by a fully constructed single-family residential home in Pleasant View, UT (approximately 45 miles to the north of Salt Lake City, UT and 6 miles north of Ogden, UT). The home has recently been acquired by the borrower with the intent of fixing it up and either selling it or holding onto it as a rental unit. After acquiring the property, the borrower has begun work to rehab the home in order to better position this approximately 1,391 square foot 3 bedroom, 2 bathroom home for sale or rent.
Loan Amount: $190,000
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.