First Trust Deed collateralized by a fully developed residential lot (0.68 acres in size) located in Draper, UT (approximately 20 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the refinance of the home and lot. Although there is a home on the site, the value of the property comes from the large piece of land the home sits on. It is the borrower’s intent to sell the property to the soon to be adjoining land owner or to sell it a buyer who is looking to build a custom home.
Loan Amount: $415,000
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.