Anatomy of an Actium Loan: Salt Lake City, Utah Multifamily Land

A borrower who owned several properties that could be redeveloped as apartments recently paid off a loan to Actium and after the refinancing was left with one residential property that was unencumbered.

He had the chance to buy two adjacent properties that were single-family homes that could also be developed as apartments. Owing the three properties together created increased value for him.

Using all three properties as collateral, we made a loan so he could acquire the neighboring homes. The LTV on this one-year loan was 70%. It has a 12% interest rate and a 2% origination fee.