First Trust Deed collateralized by a recently renovated 6-plex multifamily, residential structure in Ogden, Utah (approximately 39 miles north of Downtown Salt Lake City, UT). Since acquiring the property about 12 months ago, the borrower has renovated the building and increased rents by 20%. Now that the units are fully leased, the borrower is working to move the property over to their long-term credit facility. The payoff of this loan is anticipated to be before the nine-month duration of the loan.
Loan Amount: $472,500
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: Nine months with a nine-month extension.