First Trust Deed collateralized by four separate homes in and around Ogden, (approximately 38 miles north of downtown Salt Lake City, Utah). The first address listed above is a multifamily building that the borrower intends to rehab and pay off this loan via a refinance using long-term options. The three remaining addresses are single family homes that the buyer intends to have rehabbed and listed within 45 days after acquiring the homes. It is also the intent of the borrower to have the three single family detached homes sold within the first six months of acquiring the homes.
Loan Amount: $950,000
Yield: 12.25% (Principal Balance ≥ $100,000); 12.00% (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.