First Trust Deed collateralized by a 17-acre parcel of a residentially zoned property approximately 40 miles north of Salt Lake City, UT. Since going under contract to purchase the property in August of 2020, the borrower has worked with the city to get approval to build townhomes on the site. Since getting the city approval to build 221 townhome units the borrower will close on the purchase of the property and continue working with the city to get a final map approved for the development.
Tranche Loans:
Estimated Date – Estimated Amount – Loan #
8/11/2021 – $420,000 – #5179
8/11/2021 – $420,000 – #5180
8/11/2021 – $420,000 – #5181
8/11/2021 – $420,000 – #5182
8/11/2021 – $420,000 – #5183
8/11/2021 – $420,000 – #5184
8/11/2021 – $420,000 – #5185
8/11/2021 – $420,000 – #5186
8/11/2021 – $420,000 – #5187
8/11/2021 – $420,000 – #5188
8/11/2021 – $420,000 – #5189
8/11/2021 – $420,000 – #5190
8/11/2021 – $420,000 – #5191
11/26/2021 – $420,000 – TBD – Not open for investment at this time
12/31/2021 – $420,000 – TBD – Not open for investment at this time
1/28/2022 – $420,000 – TBD – Not open for investment at this time
2/25/2022 – $420,000 – TBD – Not open for investment at this time
3/25/2022 – $420,000 – TBD – Not open for investment at this time
Yield: 10.00% Interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period.
Master Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 2/10/23.
