First Trust Deed collateralized by a fully developed .24 acre residential lot located in Sandy, UT (approximately 17 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the construction of a four bedroom, two and a half bath home. The home will be a total of 3,575 square feet with 1,755 square feet of finished space (does not include the partially unfinished basement).
Loan Amount: $450,000
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 an optional six month extension at maturity.