First Trust Deed collateralized by four lots in Riverton, Utah. The lots encumbered by this loan represent four of the seven total lots the borrower has developed within the community. The three lots that are not encumbered by this loan are in the process of having homes built on them or have already been sold to end users. It is the intent of the borrower to build through, or directly sell the remaining four lots within the next year. Homes will start at $500,000 each.
Loan Amount: $605,000
Yield: 10.25% (Principal Balance ≥ $100,000); 10.00% (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.