First Trust Deed collateralized by a fully developed residential lot (0.33 acres in size) located in South Jordan, Utah (approximately 17 miles north of Downtown Salt Lake City, UT). Loan proceeds will be used for the construction of a four-bedroom, three and a half bath home. The homes will be a total of 4,821 square feet with 3,100 square feet of finished space (does not include the unfinished basement). Right now, the property is a four-unit structure that was built in 1962 consisting of 3,700 feet.
Loan Amount: $650,000
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.