First Trust Deed collateralized by a fully developed home in Holladay, Utah (approximately 11 miles south of Salt Lake City, UT). Since acquiring the property, the borrower has begun the demo process which included a roof replacement that needed to be re-engineered. The plumbing is still in progress but is scheduled to be completed in the next 120 days at which point they will sell the home. The home is a five-bedroom, four bath home covering 1,458 square feet and was built in 1959.
Loan Amount: $458,000
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.