First Trust Deed collateralized by a fully constructed single-family residential home in Layton, Utah (approximately 35 miles north of Downtown Salt Lake City, UT). The home has recently been acquired by the borrower with the intent of fixing it up and rent it out after the rehab work is completed. As of today, the rehab work has been completed and the property is currently rented. It is anticipated that the approximately 806 square foot 1-bedroom, 1-bathroom home will be refinanced onto the borrower’s long-term line of credit in the next 100 days.
Loan Amount: $98,000
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.