First Trust Deed collateralized by three fully developed residential lots located in Draper, UT (approximately 19 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the acquisition of the lots which is the first of two scheduled lot take downs by the borrower. Of the 12 total lots within the community, the borrower is under contract to buy the nine remaining unsold lots. The three lots that are greyed out in the picture below are ones that have already been sold to end users.
Loan Amount: $780,000
Yield: 13.00% 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.