First Trust Deed collateralized by two fully constructed multifamily, residential structures in Ogden, Utah (approximately 43 miles north of Downtown Salt Lake City, UT). Upon acquisition of this two building, 39-unit property, the borrower will begin re-positioning the asset by increasing the rents via tenant turnover and minor repairs. The building is currently 95% leased and consists of 21 one-bedroom units, 6 two-bedroom units, and 12 three-bedroom units. It is anticipated that the building will be ready to go to the borrower’s long-term financing line of credit within the next 30 days. The payoff of this loan is anticipated to be before the six-month duration of the loan.
Loan Amount: $2,640,000
Yield: 11.25% (Principal Balance ≥ $100,000); 11.00% (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.