First Trust Deed collateralized by approximately 0.77 acres of land situated east of Interstate 15 in Millcreek, UT (approximately 10 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the refinance of the property which is currently zoned to allow for three, two unit multifamily townhome buildings. During the life of the loan the borrower will do the development work to demolish the existing home and complete the horizontal development of the property in preparation for vertical construction.
Loan Amount: $935,000
Yield: 12.00% (Principal Balance < $100,000); 12.25% (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.