First Trust Deed collateralized by five fully developed residential lots located in Draper, UT (approximately 19 miles south of downtown Salt Lake City, Utah). Loan proceeds will be used for the acquisition of the lots which is the last phase of the community. Homes in this community average 5,054 square feet of finished space which include four bedrooms, three and a half baths, and a three car tandem garage.
Loan Amount: $1,250,000
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.