First Trust Deed collateralized by a fully developed .17 acre residential lot located in Holladay, UT (approximately 11 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the construction of a four bedroom, three and a half bath home. The home will be a total of 3,334 square feet with 2,2258 square feet of finished space (does not include the partially unfinished basement).
Loan Amount: $580,000
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 at maturity.