First Trust Deed collateralized by a fully developed residential pad located in Millcreek, UT (approximately 10 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the construction of one townhome building consisting of two townhomes. Each townhome will be approximately 1,100 square-feet, two-bedroom, two-bath homes.
Loan Amount: $900,000
Yield: 10.00% (Principal Balance < $100,000); 10.25% (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.
Project Update: Our Director of Underwriting made a site visit to see the progress of the Tailor Built Homes Loan #4484. This is the view from the building.