The collateral for this loan consists of nearly 19 acres of residentially zoned land in Santaquin, UT (approximately 22 miles south of downtown Provo, UT). Since acquiring the site in late 2021, the borrower has worked with the city to get approval for a 165-unit townhome complex. All units are presold and will be repaid when construction loans are drawn which will be after all of the development work is completed on the site. Master Loan Amount: $13,600,000 Yield: 10% 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 with an optional extension at maturity. Final maturity date is 3/20/25.
The collateral for this loan consists of seven acres of residentially zoned land in Roy, UT (approximately four miles west of Ogden, UT and 35 miles north of Salt Lake City, UT). The borrower typically has the projects they acquire fully entitled with site plan approval; this project is a bit different since they will be selling it to one buyer upon completion. The borrower has worked with the city to get conceptual approval for 82 townhomes and expects the buyer to get final map approval after the partially entitled project sells. The buyer for the soon to be fully entitled land has purchased many assets from this borrower over the past few years. It is anticipated the loan will be sold to the buyer in about three months. In the unlikely event the borrower is unable to sell the project in short order, they will develop the land and sell the townhomes to their long waitlist of investors. Loan Amount: $2,200,000 Yield: 10% 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