First Trust Deed collateralized by a fully developed .3 acre residential lot located in Draper, UT (approximately 19 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the construction of a six-bedroom, four and a half bath home. The home will be a total of 5,027 square feet which includes a fully finished basement.
Loan Amount: $700,000
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.