First Trust Deed collateralized by a fully leased commercial building in Cicero, Illinois (approximately nine miles southwest of Chicago, IL). On the nearly four acres property stands two industrial buildings totaling over 22,000 square feet. The borrower has owned the property since 1993 and has operated a trucking company out of the space called Cushing Transporting Inc.
Loan Amount: $1,075,000
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: Twelve months with an optional six month extension at maturity.