First Trust Deed collateralized by three fully constructed multifamily, residential structures in Ogden, Utah (approximately 39 miles north of Downtown Salt Lake City, UT). Upon acquisition of this three building, 28-unit property, the borrower will begin re-positioning the asset by increasing the rents via tenant turnover and minor repairs. The buildings are currently 71% leased and consists of 3 studio units, 21 one-bedroom units, and 4 two-bedroom units. It is anticipated that the buildings 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: $800,000
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.