First Trust Deed collateralized by three fully leased commercial buildings in and around Chicago, Illinois. The borrower has owned the properties starting in 1983 and plans to continue to own them for the foreseeable future. All of the properties are currently leased to US Autos, APEX Inc., and Midwest Allergy, respectively with an average duration of the leases through the middle of 2018. It is the intent of the borrower to pay off this loan through the refinance of the properties once more conventional bank financing is available.
Loan Amount: $1,650,000
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: Twelve months with an optional six month extension at maturity.