First Trust Deed collateralized by a fully developed home in Ogden, Utah (approximately 35 miles north of 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 will be ready to start work in 30 days and is scheduled to be completed in the next 90 days at which point they will sell the home. The home is a three-bedroom, two bath home covering 1,168 square feet and was built in 1872.
Loan Amount: $122,000
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.