First Trust Deed collateralized by a 1,200 square foot home in the north part of Seattle, WA (approximately 6 miles north of downtown Seattle, WA). The borrower acquired the home about 18 months ago due to a death in the family and is now ready to begin the rehab work in order to get the property ready to be rented. The home, which has four bedrooms and one bath is in one of the most desirable areas of Seattle, Maple Leaf. The property will be leased to a long-term tenant once the five-month rehab schedule is completed. Once the property is fully rehabbed and leased, the borrower will seek long-term financing like he has on his other rental units.
Loan Amount: $450,000
Yield: 10.5% (Principal Balance ≥ $100,000); 10.0% (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: Nine months with an optional nine-month extension.