First Trust Deed collateralized by a 1,924 square foot home located in Las Vegas, NV. The home is a single story, two bedroom, two bathroom home that was built in 1994. It is the borrower’s intent to acquire the property and hold onto it for investment purposes as it has a paying tenant already occupying the property. In about six months the borrower intends to refinance the loan with long-term bank financing. Although the borrower preferred to use bank financing for the acquisition, due to a timing issue on the sellers’ part, bank financing was not a feasible option.
Loan Amount: $275,000
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: 6 months with one optional 6-month extension period at maturity.