First Trust Deed collateralized by a fully constructed single-family residential home in Ogden, Utah. The home has recently been acquired by the borrower with the intent of fixing it up and either selling it or holding onto it as a rental unit. After acquiring the property, the borrower has begun work to rehab the home in order to better position this approximately 1,566 square foot 3 bedroom, 1 bathroom home sitting on 1.03 acres for sale or rent. Proceeds will be used towards the refinance of the property, including closing costs and fees, prepaid interest, and to finish the rehab of the home.
Loan will be repaid upon the sale or refinance of the subject property.
Truman Marketing, Inc is an entity established in 2014 by Kenneth Thomson, the principal behind the company and owner of Bluemountain, Inc. Since 2014, Kenny Thompson has successfully acquired, rehabbed, and eventually sold over 400 residential homes in the Salt Lake City area of Utah.
Loan Amount: $158,000
Yield:(principal value > $100,000): 10.25%
Yield:(principal value < $100,000): 10.00%
Term: Six Months with one optional six month extension at maturity.
These investment are on a first come, first serve basis.
Estimated Funding Date: 2/29/16