The collateral for this loan is a 1.26 acre lot in Bigfork, MT (approximately 100 miles north of Missoula, MT). Known as lot 6 of the Sterling Estates, this lot is one of the best remaining lots in the community. Although the borrower will work with the city to get a 1,924 square foot home approved for the site, the borrower intends to sell the lot prior to construction. The home will consist of three bedrooms and two and half bathrooms. Additionally, there will be a two-car garage and over 600 square feet of covered patio areas.
Loan Amount: $139,000
Yield: 10% interest Schedule: 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 Final maturity date is 2/8/23.