First Trust Deed collateralized by a fully developed home in Magna, Utah (approximately 15 miles west of downtown Salt Lake City, UT). Since acquiring the property, the borrower has let the tenant remain in the home until the borrower was ready to begin rehab work. The borrower is now in the process of removing the tenant and has the rehab work scheduled to be completed in the next 80 days at which point they will sell the home. The home is a two-bedroom, one bath home covering 1,178 square feet and was built in 1918.
Loan Amount: $150,000
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.