First Trust Deed collateralized by approximately 5.71 acres residential land situated just east of Interstate 15 in Sandy, Utah (approximately 18 miles south of Salt Lake City, Utah). Loan proceeds will be used for the acquisition of the property which is currently being used as an animal boarding establishment. The existing structures will be demolished and turned into a 26 lot community. Zoning and a tentative map have already been completed but the final map has not been recorded against the property until impact fees have been paid. Impact fees won’t be paid until the borrower is nearing development of the community which is not anticipated to happen until February 2016.
Loan Amount: $2,500,000
Yield:(principal value > $100,000): 10.25%
Yield:(principal value < $100,000): 10.00%
Term: 6 Months with no optional extension period at maturity.
These investment are on a first come, first serve basis.