First Trust Deed collateralized by three structures in Ogden, UT (approximately 38 miles north of downtown Salt Lake City, Utah). Although there are only two parcel numbers associated with the site and three structures, there is a total of seven apartment units as well as one single family home. It is the borrower’s intent to acquire the properties and spend about $100,000 on renovations to the structures in order to get higher rents. Once new tenants are in place, the borrower intends to sell the one single family detached home and refinance the remaining seven multifamily units.
Loan Amount: $1,250,000
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. Borrower Use of Proceeds: Proceeds will be used towards the acquisition of the properties, including closing costs, fees, rehab dollars, and prepaid interest.