The borrower purchased the 17-acre site back in August of 2021. Since the acquisition, the borrower worked with the city to get the property properly entitled for the community which now consists of two commercial pads and 220 attached residential units. Located approximately 40 miles north of Salt Lake City, UT in Ogden, the property is near a growing part of the city. Both commercial pads have been sold to developers and so have 124 of the 220 units, leaving 96 units remaining in FIG’s ownership. 20 additional units are presold (not part of this collateral) and the remaining 76 unsold lots are the collateral of this loan. These remaining lots will be retained by the borrower until the units are completed and rented out, at which point they will then sell them to investors. This loan is to provide the financing to complete the construction of these units at which point they will be sold, and this loan repaid.
Master Loan Amount: $16,419,800
Yield: 10% interest is paid monthly in arrears with payments due on the 1st of each month with a 10-day grace period. *For investments equal to or greater than $100,000 investors will earn 10.5%.
Term: Nine months with an optional nine-month extension at maturity. Final maturity date is 6/4/25.