A Loan We Declined – Summit County, Utah

Situation

This summer, we were asked to refinance an investor-owned single family home in Summit County, Utah. Property values have done well in this area recently and we were intrigued by the opportunity to make this loan as the collateral had land in excess of what was needed for the home.

Due Diligence

Our in-person inspection revealed that while there was excess ground, the ground was not suitable for development given the topography and slope. We also determined it would be hard for the property to sell eventually if we owned it due to a foreclosure.

Decision

Denied.