First Trust Deed collateralized by approximately 0.21 acres of land situated just east of Interstate 15 in Salt Lake City, UT. Loan proceeds will be used for the refinance of the property which is currently zoned R-MU. As it currently stands, the property has been approved for a six story, 65-unit apartment building. Due to a moratorium on building fees that is set to expire at the end of November, it is anticipated the borrower will refinance the project into a construction loan prior to that time.
Loan Amount: $750,000
Yield: 10.00% (Principal Balance < $100,000); 10.25% (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.