First Trust Deed collateralized by a 1,040 square foot home in North Seattle, WA (approximately 10 miles north of downtown Seattle, WA). The home is currently two bedroom and one bath, but it has a full unfinished basement and attached garage. The borrower plans on completing the basement and converting the garage into the master suite. The new finished square footage after all is done will be over 2,000 square feet and will be three bedrooms and two and three quarters bathrooms. This is the fifth loan Ignite is originating with the borrower, all of which have sold above the anticipated sales price.
Loan Amount: $710,000
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.