First Trust Deed collateralized by four fully constructed multifamily, residential structures in Ogden, Utah (approximately 39 miles north of Downtown Salt Lake City, UT). Upon acquisition of this four building, 29-unit property, the borrower will begin repositioning the asset by increasing the rents via tenant turnover and upgrades as well as building a triplex building on the vacant lot. The buildings are currently 80+% leased and consists of all one bedroom and studio 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 120 days. The payoff of this loan is anticipated to be just after the first six month duration of the loan.
Loan Amount: $1,850,000
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.