Anatomy of an Actium Loan: Paying off a Reverse Mortgage in Holladay, Utah

Paying off a reverse mortgage in Holladay, Utah

In Holladay, Utah, an exclusive suburb of Salt Lake City, Actium lent on a property just over an acre in size. The estate was subject to a reverse mortgage before the owner died, and the heirs wanted to pay off the reverse mortgage to improve the property and maximize its value before putting it up for sale. We lent 74% of the tax-assessed value of the property, which we felt was conservative, and while this loan has an 11% interest rate it paid us an origination fee of 1.5%. Total maturity is ten months.