RMB Deal 1, LLC | Loan #4070 – FUNDED
Description: First Trust Deed collateralized by 14 fully-developed single family lots located in Eden, Utah (approximately 54 miles north of Salt Lake City, Utah). The borrower acquired the property in late 2013 for a total of $910,000. The borrower has since been working to resolve issues surrounding the initial structure of the HOA. During the time in which the borrower has owned the property that have also engaged a potential seller for the site who will be purchasing a minimum of one lot per quarter. Although details are not finalized yet, it is anticipated that the purchase price will be over $70,000 per lot.
HWD Northport Village, LLC | Loan #4074 – FUNDED
Description: First Trust Deed collateralized by approximately 4 acres of partially developed land located in Stansbury Park, Utah (approximately 27 miles southwest of Salt Lake City, Utah). The borrower acquired the site approximately seven months ago and has since obtained a final map for the site as well as done a majority of the development work converting the land into partially finished residentials lots. The borrower currently has two of the lots presold and will start the construction of four additional homes soon after the loan is funded.
