First Trust Deed collateralized by a fully constructed model home located in Cottonwood Heights, UT (approximately 19 miles southeast of downtown Salt Lake City, Utah). Loan proceeds will be used for the refinance of the home which is the first of two lots the borrower will be building on in this community. The home is 5,054 square feet of finished space consisting of four bedrooms, three and a half baths, and a three car tandem garage.
Loan Amount: $655,000
Yield: 11.00% (Principal Balance ≥ $100,000); 10.75% (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 at maturity.