First Trust Deed collateralized by a fully developed residential lot (0.23 acres in size) located in Millcreek, UT (approximately nine miles southeast of downtown Salt Lake City, Utah). Loan proceeds will be used for the construction of a five-bedroom, three and a half bath home. The home will be a total of 5,244 square feet with 4,147 square feet of finished space (does not include the partially unfinished basement). Of the eight lots in the community, two are sold to end users and another is currently being constructed which leaves four lots that remain open for construction.
Loan Amount: $775,000
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.